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China Shuts Down 1,418 Fake Websites, Including Financial Institution Impersonators

According to China’s Cyberspace Administration, scams targeting stablecoins and financial products intensified in 2025, with over sixty sites mimicking major banks and causing user losses.

Summary

China’s Cyberspace Administration reported shutting down 1,418 fake websites in 2025, including 61 impersonating financial institutions such as China Merchants Securities and CITIC Bank. These fraudulent sites deceived users into investing in fake 'stablecoins' and other financial products, leading to monetary losses.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value, often pegged to fiat currency or commodities.
  • Cyberspace Administration of China: China’s national internet regulator, overseeing online content, data governance, and cybersecurity.
  • Financial Institution Impersonation: A type of fraud where scammers create websites or entities mimicking legitimate banks or firms to deceive users.