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China Internet Finance Association Issues Virtual Currency Security Warning: Beware of 'Air Coins', Pyramid Schemes, and Platform Schemes
Summary: In response to rumors, the China Internet Finance Association, a subsidiary of the People's Bank of China, has officially issued a warning to beware of pyramid schemes related to virtual currencies (new coin issuance only increases in value, excessive member benefits, purchasing coins for membership qualifications, developing hierarchical structures), 'air coins' schemes (decentralized blockchain innovation ...
In response to rumors, the China Internet Finance Association, a subsidiary of the People's Bank of China, has officially issued a warning to beware of pyramid schemes related to virtual currencies (new coin issuance only increases in value, excessive member benefits, purchasing coins for membership qualifications, developing hierarchical structures), 'air coins' schemes (decentralized blockchain innovation projects, sudden price surges after XX coin listing, receiving XX coins for subscribing to new projects, endorsement of XX coins by influencers), and platform schemes (free virtual currency giveaways upon registration, high-volume platform trading, fast withdrawals). These projects often operate under the guise of 'decentralized blockchain innovation projects' while engaging in illegal activities such as pyramid schemes and fraud.
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Link: China Internet Finance Association Issues Virtual Currency Security Warning: Beware of 'Air Coins', Pyramid Schemes, and Platform Schemes [Copy]
