Caijing published an article warning about the speculative risks of the virtual coin LABUBU.

On June 12, last night, Yicai published an article titled “The crypto world focuses on LABUBU, with huge risks hidden behind illegal speculation on ‘games’.” The article pointed out that a virtual money called “LABUBU” has quietly gone online, leveraging the explosive popularity of the trendy IP, and is listed for trading on multiple exchanges. At the beginning of its launch, the price of this virtual coin once surged sharply, but then it experienced a significant fall. A Yicai reporter saw on the promotional webpage that LABUBU coin is not officially issued by Bubble Mart, but launched by a group of community-driven developers. Industry insiders remind that the launch of LABUBU coin is a typical speculative behavior in the crypto world, 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.