“The fraudulent activities under the banner of “Metaverse,” which is more attractive and deceptive, and participants are prone to property damage. There are others who hype the concept of virtual real estate in the metaverse and scam those that buy them.ĭescribing the metaverse as a deceptive world, the Office of Inter-Ministerial Joint Conference on Disposal of Illegal Fund Raising urged Chinese investors to report any scammers they encounter on metaverse projects. Other scammers have flooded the play-to-earn gaming sector, selling the native tokens of the P2E platforms and then taking off without developing the projects. The scammers then tout these projects as the future of the metaverse, raise funds from investors and then take off. They include packaging of metaverse-related concepts, such as artificial intelligence, augmented and virtual realities, and video gaming into a hi-tech package. In a statement published on its website, the watchdog outlined some of the popular scams related to the metaverse.
The CBIRC claimed in its warning that the metaverse had become a hotbed of financial crime, with scammers “absorbing capital” from unsuspecting victims. The Chinese Banking and Insurance Regulatory Commission (CBIRC) issued the public warning when the metaverse has become the biggest buzzword in tech, reminding local investors to beware of fraudsters targeting innocent victims using metaverse-related projects. One of China’s top financial regulators is warning the public about the risk of scams in the metaverse.
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