First Financial published an article warning about the speculation risks of the virtual currency LABUBU, with industry insiders cautioning against high risks and speculative behavior

ChainCatcher news, last night, Yicai published an article titled "The Crypto Circle Sets Its Eyes on LABUBU, Huge Risks Hidden Behind Illegal Speculation on 'Games'." The article pointed out that a virtual currency named "LABUBU" quietly launched recently, leveraging the popularity of trendy IP, and has been listed on multiple exchanges. In the early stages of its launch, the price of this virtual currency once surged sharply, but then experienced a significant decline.

A reporter from Yicai saw on the promotional webpage that LABUBU coin is not officially issued by Pop Mart, but was launched by a group of community-driven developers. Industry insiders warn that the launch of LABUBU coin is a typical speculative behavior in the crypto circle, and its huge price fluctuations fully expose the extremely high investment risks behind it. Most of these projects are worthless, and their essence is fraud and pyramid schemes.