Beijing Internet Finance Industry Association (BIFA) issued a notice on July 9 ur

The warning comes as retail speculation accelerates on mainland social platforms, where an unofficial “stablecoin concept” stock index has risen 88% since April. Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content. The Beijing Internet Finance Industry Association (BIFA) issued a notice on July 9 urging retail investors to reject pitchbook

Source: https://cryptoslate.com/chinese-industry-group-warns-web3-and-defi-high-return-deals-hide-classic-ponzi-engines/