Chinese city of Shenzhen warns of stablecoin-linked crypto scams

China’s Shenzhen government has officially warned the public about illegal financial schemes posing as investments in stablecoins and other crypto assets, according to The Block. Authorities said some groups are taking advantage of the public's rising interest in terms like financial innovation and digital assets to promote fake investment opportunities. These groups use misleading advertising to collect money from the public, which can lead to criminal activities such as illegal fundraising, gambling, fraud, pyramid schemes and money laundering.