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 […]<\/p>\n","protected":false},"author":1,"featured_media":2193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2188"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=2188"}],"version-history":[{"count":1,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2188\/revisions"}],"predecessor-version":[{"id":2194,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/2188\/revisions\/2194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/2193"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=2188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=2188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=2188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}