November 23, 2022<\/p>\n\n\n\n
By Anjali Kochhar<\/p>\n\n\n\n
The police department in Shangqiu, Central China’s Henan Province has cracked down on a non-fungible token (NFT) collection scam case involving more than 2.65 million yuan ($372,196.24), the Chengdu Economic Daily reported.<\/p>\n\n\n\n
According to legal experts, the case was the first NFT collection-related crime officially reported by a public security department, the report noted.<\/p>\n\n\n\n
The local police, after receiving a tip-off, said a group of eight members committed crimes by selling virtual cartoon pictures based on mobile app platforms and using so-called cashback, rewards and prize pool to scam more than 2.65 million yuan of income.<\/p>\n\n\n\n
From 2019 to November 2022, there were a total of 2,303 platforms involved in the business of NFT collections in China.<\/p>\n\n\n\n
As of press times, over 1,800 NFT collection-related reports on the Chinese consumer complaints platform Black Cat.<\/p>\n\n\n\n
In April 2022, the National Internet Finance Association of China, China Banking Association and Security Association of China co-issued an appeal to prevent NFTs from triggering systematic financial risks, reported the Xinhua News Agency.<\/p>\n\n\n\n
In September, the China Mobile Communication Association and the China Communications Industry Association vowed to boycott the excessive speculations on NFT collections, according to the Securities Daily.<\/p>\n\n\n\n
About the author<\/strong><\/strong><\/p>\n\n\n\n Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n","protected":false},"excerpt":{"rendered":" November 23, 2022 By Anjali Kochhar The police department in Shangqiu, Central China’s Henan Province has cracked down on a non-fungible token (NFT) collection scam case involving more than 2.65 million yuan ($372,196.24), the Chengdu Economic Daily reported. According to legal experts, the case was the first NFT collection-related crime officially reported by a public […]<\/p>\n","protected":false},"author":4,"featured_media":3066,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-3065","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all"],"yoast_head":"\n