In Zhejiang province, China, a criminal syndicate took advantage of digital yuan accounts to unlawfully withdraw over 200,000 yuan ($27,566) in just four days. The digital yuan, also known as e-CNY, is the central bank digital currency (CBDC) issued by the People’s Bank of China (PBOC) and has seen a significant surge in usage. Its adoption has spread to 260 million wallets in 25 cities, with various applications in sectors such as transportation, healthcare, and the purchase of crude oil.
The perpetrators, who faced challenges in finding regular employment, carried out these illicit transactions through cooperation with local merchants. Following their apprehension, they have been tried, convicted, and sentenced to prison, in addition to being ordered to pay fines.
