The China Internet Finance Association issued a security alert on virtual currencies: Beware of "air coins" schemes, pyramid schemes, and platform schemes

ChainCatcher News, the official reminder released by the China Internet Finance Association under the People's Bank of China, warns against pyramid schemes involving virtual currencies (new coin issuance only rises and never falls, excessive member benefits for development, obtaining membership through coin purchase, hierarchical development of upper and lower lines), "air coins" schemes (decentralized blockchain innovation projects, XX coin skyrocketing in price after launch, instant gifts of XX coins for subscribing to new projects, recommendations of XX coins by certain big names), and platform schemes (free virtual currency gifts for registration and trading, massive platform trading, quick withdrawals). These projects often carry out pyramid scheme fraud and other illegal activities under the guise of "decentralized blockchain innovation projects" and similar banners.