A campaign has been on lately to hack and obtain information from crypto firms. Fire Threat published a detailed report recently presenting these facts, which stated that the Chinese government is using hackers to gain access to crypto exchange databases and other industries all over China.
From the report, the intelligence company has shown confidence that APT41, a hacking company that once target video games and apps is now collaborating with the Chinese government to acquire user data from crypto companies and other prominent players in the Chinese economy.
Also, the hacking group is doing this in support of China’s five-year development plans that were recently unveiled, the government, as it seems places a high priority on this project. Apart from the crypto databases, the hacking group has gained access to several other players in the Chinese economy, including media and tech. These entire developments look coordinated in a way, and the motives behind them suggest that a big player is secretly running the show. A crypto group has come up and complained that it received a malicious email belonging to a man named Tom Giardino.
Monero mining bots have much been used as a means to capture and send data back to hackers, a common form of cyber hacking today.
Hopes for the Government
The government hopes that by gathering information from different players in the economy, it may be able to properly plan and execute a proper five-year plan that will benefit all. China banned all crypto-related activities back in 2017. However, sophisticated ways have emerged to trade crypto in China today. Popular social media platforms such as WeChat have recently been used to connect crypto traders, and admittedly, these disguises and illegal ways have made China a thriving crypto world today. ICO’s and other crypto exchanges exited China in droves and moved to more welcoming countries worldwide.
The state was on the neck of crypto exchange groups and ICO’s; in a bid to stop financial fraud, that has had adverse effects on China’s population. More and more people had fallen prey and lost their hard-earned money in the process of striking gold in the crypto markets earlier. However, the state is well aware of the underground schemes that still operate in China that facilitate the trade of crypto. Huobi and other exchange groups have openly taken advantage of holes in the recently passed legislation and they still allow the trading of crypto.
The government has the muscles to make China a crypto free nation ultimately, but chose a different path and is now using the information for planning purpose.