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Hubei Shiyan investigates multiple virtual coin pyramid scheme projects, reminding to be wary of high-yield eyewash.
[Bit推] According to reports, the Market Supervision Administration of Shiyan City, Hubei Province recently issued a risk warning, investigating virtual currency projects such as "Youkechuang", "Shiyi Hui", and "Ronghui Capital". It was found that these projects were operating through overseas platforms for Cryptocurrency Trading, using a "pump and dump" model to develop members, promising high returns on investments in encryption Digital Money, and are suspected of conducting illegal financial activities using pyramid schemes.
Regulatory authorities remind consumers to be wary of "guaranteed high returns" scams, emphasizing that China prohibits virtual currency exchange and trading intermediary services, and that participation in such projects cannot ensure the safety of funds. The case is currently under further investigation.