WeChat Cracks Down on Crypto-Linked Scams and Pyramid Schemes

WeChat's move matters less as a crypto story than as a platform-governance one: the targeted activity is account theft and recruitment funneled through group chats, with crypto and stablecoin branding used as the hook rather than the underlying mechanism. The affected parties are ordinary users drawn in by high-return pitches and the operators who rely on WeChat groups for reach. The open question is whether account bans push these schemes onto other channels or into more private, harder-to-monitor formats, and whether other large platforms follow with comparable enforcement.