CoinVoice has recently learned that last night, Caixin published an article titled "The crypto world is eyeing LABUBU, the illegal speculation behind 'games' hides huge risks." The article points out that a virtual money named "LABUBU" has quietly launched, leveraging the popularity of trendy IPs, and is being listed on multiple exchanges. At the beginning of its launch, the price of this virtual coin once surged dramatically, but then it experienced a significant fall.

According to First Finance reporters on the promotional webpage, LABUBU coin is not officially issued by Pop Mart, but rather 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.