China publishes list of 421 fake cryptocurrencies

China has published a list of 421 fake cryptocurriencies, saying 60 percent of those digital currencies are deployed out of the country.

Media reports say the National Committee of Experts on the Internet Financial Security Technology (IFCERT), an industry organization of Chinese government, on May 18 published the list of fake currencies, which was prepared through study and research.

The IFCERT in its report said taking the advantage of popularity of some cryptocurrencies like bitcoin, litecoin, ethereum, etc. some criminals across the world have indulged in financial fraudulence or pyramid schemes under the cover of digital currency.

These criminals are yet to be effectively checked who are causing investors or traders to suffer major losses, according to the report.

IFCERT’s National Internet Financial Risk Analysis Technology Platform is continuously monitoring fake cryptos, according to the report.