{"id":489005,"date":"2025-07-10T20:56:11","date_gmt":"2025-07-10T19:56:11","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=489005"},"modified":"2025-07-10T23:52:40","modified_gmt":"2025-07-10T22:52:40","slug":"chinese-industry-group-warns-web3-and-defi-high-return-deals-hide-classic-ponzi-engines","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/chinese-industry-group-warns-web3-and-defi-high-return-deals-hide-classic-ponzi-engines\/","title":{"rendered":"Chinese industry group warns Web3 and DeFi high-return deals hide classic Ponzi engines"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Beijing Internet Finance Industry Association (BIFA) issued a notice on July 9 urging retail investors to reject pitchbooks that wrap old-style pyramid sales in crypto terminology.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to<\/span> <strong><a href=\"https:\/\/www.yicai.com\/news\/102713696.html\">local news outlets<\/a><\/strong><span style=\"font-weight: 400;\">, BIFA said promoters have begun advertising \u201cstablecoin wealth plans,\u201d \u201cWeb 3.0 dividends,\u201d and similar offers that promise fixed returns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The circular listed five hallmarks of illegal fundraising: operating without a licence, using technical jargon to amplify information gaps, issuing false guarantees, recycling new deposits to pay earlier participants, and cross-linking into fraud or money laundering.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BIFA advised the public to verify a firm\u2019s licence through national regulators and to be aware that high returns often carry high risk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It also reminds victims that China\u2019s Regulation on the Prevention and Disposition of Illegal Fundraising holds the investor liable for any losses. The reports highlighted that the warning totals nearly 1,500 Chinese characters and appeared first on BIFA\u2019s verified WeChat channel.<\/span><\/p>\n<h2><strong>Past frauds inform current rhetoric<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">PlusToken is a wallet service <a href=\"https:\/\/cryptoslate.com\/chinese-reporter-china-likely-sold-the-3-billion-in-bitcoin-ethereum-affiliated-with-plustoken\/\">that collapsed in 2019<\/a>, and gathered about 200,000 Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) and 9 million Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The amount was worth more than $4 billion at 2020 prices, making it one of the largest Ponzi schemes using crypto buzzwords.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The episode demonstrated how promoters can migrate coins across exchanges and mixers before liquidation, pushing enforcement into a multi-year pursuit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, China banned direct crypto-to-fiat exchange services in 2021, yet domestic interest persists via offshore platforms and grey-market on-ramps.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regulators in Beijing, Shanghai, and Shenzhen have each released at least one consumer notice on token scams this year.\u00a0<\/span><\/p>\n<h2><strong>Potential reasons for the warning<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Retail speculation has accelerated on mainland social platforms where an unofficial \u201cstablecoin concept\u201d stock index has risen 88% since April, as Reuters reported.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market interest also tracked Hong Kong\u2019s incoming stablecoin rules, due to take effect August 1, as large technology firms explore renminbi-pegged tokens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Reports also surfaced that domestic blogs have begun promoting &#8220;USDT mining pools&#8221; and &#8220;insured CNH stablecoins,&#8221; prompting local regulators to prepare enforcement actions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BIFA\u2019s statement concludes by publishing its hotline and recommending that investors who identify unlicensed activity report it to the police or financial supervisors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The association adds that it will forward credible tips to provincial task forces that track unlawful public fundraising.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Beijing Internet Finance Industry Association (BIFA) issued a notice on July 9 urging retail investors to reject pitchbooks that wrap old-style pyramid sales in crypto terminology. According to local news outlets, BIFA said promoters have begun advertising \u201cstablecoin wealth plans,\u201d \u201cWeb 3.0 dividends,\u201d and similar offers that promise fixed returns.\u00a0 The circular listed five [&hellip;]<\/p>\n","protected":false},"author":1511,"featured_media":489050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,77968,9836],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese industry group warns Web3 and DeFi high-return deals hide classic Ponzi engines<\/title>\n<meta name=\"description\" content=\"The warning comes as retail speculation accelerates on mainland social platforms, where an unofficial \u201cstablecoin concept\u201d stock index has risen 88% since April.\" \/>\n<meta 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