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[WeChat Security Center Targets Accounts Conducting Pyramid Schemes and Fraud Under the Guise of Blockchain]

WeChat Security Center issued a governance announcement concerning efforts against organizers and promoters of illegal activities such as pyramid schemes and fraud. Recently, some black-and-gray-market accounts have used the names of “national projects,” “the unfreezing of national assets,” and “blockchain virtual currencies and stablecoins” as a pretext, luring users with promises of high returns, inducing them to join groups and carry out pyramid-scheme-style “recruitment” and viral expansion. They then use forged links to induce users to enter account passwords and download fraudulent counterfeit Apps, ultimately committing property fraud or conducting secondary fraud after account theft. WeChat officials stated that, once verified, they will impose tiered penalties on violating accounts in accordance with relevant laws and regulations and platform rules, depending on the severity of the circumstances, including banning community functions, restricting function use, and permanently banning accounts. Users were also reminded to beware of Ponzi schemes operating under the banner of blockchain but lacking substantive technology and applications, and not to pay entry fees, recruit downlines, or download applications from unofficial channels.