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 How crazy is the currency circle? Recently, altcoins such as Dogecoin and Shib (Shiba Inu Coin) have been frequently searched. Dogecoin has risen more than 100 times in 2021, while Shib has soared 350,000 times since its birth in July last year. From a joke to a "wealth code" that attracted thousands of people's attention, such myths have been repeated repeatedly in the currency circle. However, telecommunications network fraud has also begun to target popular virtual currencies. I originally wanted to "get rich by speculating on coins", but fell into the trap of a fraud gang. This is what some coin speculators have recently experienced. Recently, CCTV reported a case of virtual currency telecommunications network fraud. The fraud gang first lures the victim to purchase virtual currency, and then asks the victim to deposit the virtual currency into fraud software disguised as an "electronic wallet" to steal the victim's virtual currency. It is understood that in recent years, my country has gradually strengthened its supervision of virtual currencies. Although it has not prohibited individuals from trading virtual currencies, domestic virtual currency trading platforms have been closed due to the market risks and social risks brought by virtual currencies. Regarding the phenomenon of individual currency speculation, relevant documents also remind people to "take it at your own risk." I originally wanted to "make money by speculating on coins". Virtual currency was defrauded According to CCTV, Mr. Li from Guangzhou was the victim of the fraud. Mr. Li’s cousin said that he could make money by speculating on coins and recommended a friend who was an agent to him. The agent showed Mr. Li the cash withdrawal record of his investment in virtual currency. The record showed that he invested 100,000 yuan and got his money back in one month, and then withdrew 10,000 yuan every three days. The high returns attracted Mr. Li, and he bought more than 30,000 yuan of virtual currency from the virtual currency trading website recommended by the agent. After buying the currency, the agent told Mr. Li that the virtual currency should not be placed on the trading platform, but should be taken out and placed in a designated electronic wallet. Mr. Li checked online and found that what the agent said was right. People who speculate in cryptocurrencies do store virtual currencies in electronic wallets. Following the agent's instructions, Mr. Li downloaded the designated e-wallet software and transferred his virtual currency to the e-wallet. But in fact, this software is not a so-called electronic wallet, but a fraud software. Criminals used this software to steal Mr. Li’s private key and withdraw the virtual currency. The software did not show any abnormalities. In order to defraud more money, the fraud gang also induced Mr. Li to transfer the virtual currency from the electronic wallet to another investment platform, claiming that such a sum of money could make profits repeatedly, thereby tricking investors into buying more virtual currency. In this way, Mr. Li's money was transferred from the fake electronic wallet to the fake investment platform, and the transaction records and balances displayed in the software were fake. He thought he had found the wealth password, but five days later, Mr. Li discovered that neither the e-wallet nor the investment platform App could be opened. Principle of virtual currency fraud: Take advantage of its decentralized features According to Guangdong police, this is a new type of telecommunications network fraud crime. The police mobilized 62 police officers to participate in the operation and finally cracked the virtual currency online fraud case. The key to the fraud gang's success was to forge a fake electronic wallet software, and this step took advantage of the special properties of virtual currency. It is understood that unlike traditional currencies, virtual currency is a decentralized system and does not require a central system such as a bank to manage it. Therefore, if you want to avoid the risk of loss, you must do security management yourself. After the user buys the virtual currency, the virtual assets are stored on the trading platform. However, many currency speculators believe that it is not safe to put currencies on the platform, because cases of hackers attacking trading platforms and stealing virtual currencies occur from time to time. CipherTrace, an American digital currency security company, has released a report that in the first three months of 2019 alone, $356 million worth of crypto assets were stolen by hackers from global cryptocurrency exchanges.  E-wallets are considered by many to be a more secure method of storage. An electronic wallet is a way to keep private keys. The private key is the most critical thing in managing and using digital currency. For digital currency users, the private key determines ownership. Only by possessing the private key can you truly own digital currency assets. Many people put their virtual currencies in electronic wallets, because everyone's electronic wallet is decentralized and is less likely to be attacked than a trading platform. Electronic wallets, which are supposed to make storage safe, have given fraud gangs an opportunity to take advantage of them. Strengthening domestic supervision of virtual currencies On-site trading is prohibited It is understood that from the end of 2012 to the end of 2020, the overall market value of crypto assets increased from less than US$500 million to US$782 billion. In the past year alone, the price of Bitcoin has increased more than 8 times. And various altcoins that started as jokes are becoming more popular "stars" in the currency circle. Dogecoin has risen more than 100 times in 2021, while shib has soared 350,000 times since its birth in July last year.  Many myths about "making money by speculating on coins" were born, and people who wanted to make quick money poured into the currency circle. Like Mr. Li, many people do not know much about virtual currencies and electronic wallets, and start speculating in currencies with a speculative mentality. According to media reports, in 2013, the transaction volume of Bitcoin in China exceeded 90% of the global transaction volume. In a 2017 interview with the media, Li Lin, CEO of cryptocurrency exchange Huobi, said that high-risk investments such as virtual currencies are not suitable for ordinary investors. While the scale of crypto assets continues to expand, the risks brought by virtual currencies have attracted the attention of regulatory authorities. In December 2013, the People's Bank of China and five other ministries and commissions issued the "Notice on Preventing Bitcoin Risks". The "Notice" clarified that financial institutions and payment institutions are not allowed to directly or indirectly provide customers with Bitcoin-related services. However, Bitcoin trading is a commodity buying and selling behavior on the Internet, and ordinary people have the freedom to participate at their own risk. Although my country does not prohibit individuals from buying and selling virtual currencies, stronger regulatory measures have been introduced one after another due to the emergence of hidden dangers such as bank making, illegal financing of virtual currencies, and money laundering by individual exchanges. On September 4, 2017, the People's Bank of China and other seven ministries and commissions issued the "Announcement on Preventing Token Financing Risks", which stipulates that "any so-called token financing trading platform shall not engage in the exchange business between legal currency, tokens, and virtual currencies, shall not buy or sell tokens or virtual currencies as a central counterparty, and shall not provide pricing, information intermediary and other services for tokens or virtual currencies." Since then, all domestic virtual currency exchanges have been shut down. Regulations are still tightening. On April 22, 2021, China CITIC Bank issued an announcement stating: “No institution or individual may use CITIC Bank accounts for activities such as recharging and withdrawing trading funds for Bitcoin, Litecoin, etc., purchasing and selling related recharge codes. ”Currently, 13 domestic banks have announced that they will ban their accounts from trading virtual currencies such as Bitcoin and Litecoin. Southern Metropolis Daily (nddaily) reported Nandu reporter Li Yaning * Original content from Southern Metropolis Daily (nddaily) may not be reproduced without authorization. ▊ Nandujun Special Selection (click the title below)  Sad, 4 rescue workers died A man from Shenzhen spent 34 million to buy a plane and got 0 dividends in 10 years! The company involved: Poor weather and poor business operations Continuously "hide the leopard"! So ridiculous   |
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