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China Cracks Down on Stablecoin Scams as Local Crypto Hype Reaches Fever Pitch
China Cracks Down on Stablecoin Scams as Local Crypto Hype Reaches Fever Pitch
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Regulators sound alarms as 'pegged-to-fiat' tokens become the latest playground for grifters.
Beijing isn't buying the stablecoin hype—and neither should you. Authorities just dropped the hammer on a fresh wave of dollar-pegged token scams capitalizing on retail FOMO. No surprise—when crypto markets get frothy, the snake oil salesmen come slithering.
Mainland investors beware: That 'algorithmic stablecoin' promising 20% APY? Probably just an exit liquidity scheme with better marketing. The PBOC would prefer you lose money the old-fashioned way—through state-sanctioned volatility in their digital yuan trials.
One cynical truth remains: In finance, if something claims to be 'stable' while offering casino-like returns, it's probably neither.
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