Guangming Daily: Watch out for new scams using virtual currencies as gimmicks

Guangming Daily today issued a "Beware of New Frauds Using Virtual Currency as a Stunt". The article said that in recent years, similar "MLM coins" scams have emerged endlessly. In some cases of fraud, there is even no physical product at all, and virtual coins are used to trick users into expanding the entire virtual currency market through the development of offline methods, stimulating purchase demand, speculating on appreciation expectations, and finally harvesting users. The scam under the banner of new blockchain technology cannot be underestimated. In the face of this new type of pyramid scheme fraud, consumers must be vigilant and not greedy unrealistic profits. In addition, the regulatory authorities must also adapt to changes in the situation, adjust the definition of MLM and illegal transactions of virtual currencies in a timely manner, and increase the intensity of the crackdown. Especially for those products that claim to have various magical effects, they must set aside the false eye-catching methods of false propaganda to see if it involves MLM currency scams and really fight against MLM crimes.