Chinese banking regulator warns of fraud risks in the metaverse
The scammers pass off their projects as genuine and then disappear with the victims’ investments
18.02.2022 - 13:45
748
1 min
0
What’s new? The China Banking and Insurance Regulatory Commission has issued a warning about the risks to the public of fraudulent metaverse projects. The notice stresses that the hype raised has made them a prime target for fraudsters and scammers illegally collecting money under the name of such projects.
What does the official warning say? The regulator has highlighted several ways in which scammers are making a profit. The first and most common form involves projects promising high-tech integration. They often lure investors by promising high returns. The scammers then disappear with the investors’ money.
What else has the regulator warned about? The second form has been play-to-earn (P2E) blockchain projects, where scammers promise high returns for investing in a native game token and often abscond with the funds after reaching their goal. A third known scheme looks to inflate the value of real estate in the metaverse to cause panic buying among users.
Useful material?
Telegram 
Twitter Incidents
In a single week, hackers went after PHP websites, the Railway cloud platform and a medical company, and experts started talking about a crisis that is only just beginning.
Oct 28, 2026
Incidents
In 104 minutes, the attacker emptied 1,404 addresses before validators halted the network and froze almost all of the loot.
Oct 19, 2026
Incidents
Developers warned of potential risks to bridges across the ecosystem and asked exchanges for assistance.
Jun 22, 2026
Incidents
The defendant helped move funds stolen through investment scams and earned at least $4 million for his role in the operation.
Jun 10, 2026
Incidents
The company is linking the incident to a compromised private key on a service wallet, rather than a smart contract exploit
May 22, 2026
Incidents
Following the incident, the project temporarily halted trading operations and node activity.
May 15, 2026
Cryptocurrency rates
-
Bitcoin
$77 236
BTC
-3.56%
-
Ethereum
$2 227.59
ETH
-4.13%
-
BNB Smart Chain
$699.55
BSC
-5.63%
-
Ripple
$1.42
XRP
+1.04%
-
TRON
$0.333871
TRX
+0.8%
-
Zcash
$1 238.82
ZEC
-3.32%
-
Dogecoin
$0.0756
DOGE
-4.35%
-
Cardano
$0.218269
ADA
+2.11%
-
Stellar XLM
$0.184461
XLM
+2.83%
-
Bitcoin Cash
$284.42
BCH
+2.08%