Three characteristics of the risk of illegal fundraising of blockchain technology

Such activities use "financial innovation" as a gimmick, which is essentially a Ponzi scheme of "borrowing the new to return the old", and the operation of funds is difficult to maintain for a long time. The general public is requested to take a rational view of the blockchain, and do not blindly believe in the promises of the sky, establish correct currency concepts and investment concepts, and effectively increase risk awareness; you can actively report to the relevant departments for clues of illegal crimes discovered.

The China Banking and Insurance Regulatory Commission, the Central Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China, and the State Administration for Market Supervision reminded:

Recently, under the banner of "financial innovation" and "blockchain", some lawbreakers have absorbed funds by issuing so-called "virtual currency", "virtual assets" and "digital assets", infringing on the legitimate rights and interests of the public. This type of activity is not really based on blockchain technology, but is the reality of illegal fundraising, pyramid schemes, and fraud that hype the concept of blockchain. The main features are as follows:

1. Networking and cross-border are obvious. Relying on the Internet and chat tools to conduct transactions, and use online payment tools to collect and pay funds, the risk spreads to a wide range and spreads quickly. Some criminals have established websites by renting overseas servers to actually carry out activities for domestic residents and remotely control and implement illegal activities. Some individuals claim in the chat tool group that they have obtained investment quotas for overseas high-quality blockchain projects and can invest on their behalf, which is most likely a fraudulent activity. Most of the funds for these illegal activities flow abroad, making it difficult to supervise and track.

2. Deceptive, seductive, and concealed. Use hot concepts for hype, fabricate a wide range of "Gao Da Shang" theories, and some also use celebrity big V "platforms" to promote, airdrop "candies" as the temptation to declare that "currency will only rise but not fall", "the investment cycle is short," "High returns and low risks" is highly deceptive. In actual operation, criminals make illegal profits by manipulating the so-called virtual currency price trends behind the scenes, setting profit-making and cash withdrawal thresholds and other means. In addition, some criminals also issue tokens under the names of ICO, IFO, IEO, etc., or conduct virtual currency hype under the banner of the sharing economy in the form of IMO, which is highly concealed and deceptive.

3. There are a variety of illegal risks. Through public propaganda, lawbreakers use "static income" (profits from currency appreciation) and "dynamic income" (profits from offline development) as bait to attract the public to invest funds, and attract investors and developers to join, and continue to expand the fund pool , Has the characteristics of illegal fund-raising, pyramid schemes, fraud and other illegal activities.

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