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Multiple Regions Warn of Risks of Illegal Fundraising in Virtual Currency

Summary: According to reports, the recent collapse of the billion-dollar fund scam 'Xin Kang Jia', which claimed to offer '2% daily interest', has drawn attention and vigilance from society towards new types of online fraud. Regulators have been sounding the alarm, with financial regulatory authorities in multiple regions including Guangdong, Yunnan, Hunan, Liaoning, Heilongjiang, Zhejiang, and ...

According to reports, the recent collapse of the billion-dollar fund scam 'Xin Kang Jia', which claimed to offer '2% daily interest', has drawn attention and vigilance from society towards new types of online fraud. Regulators have been sounding the alarm, with financial regulatory authorities in multiple regions including Guangdong, Yunnan, Hunan, Liaoning, Heilongjiang, Zhejiang, and Fujian issuing warnings about risks of illegal fundraising under the guise of 'virtual currency' and new types of online fraud since July. (Caixin)

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