According to ChainCatcher, First Financial News recently published an article titled "Crypto Targets LABUBU, Illegal Speculation Hides Huge Risks Behind 'Game'". The article points out that a virtual currency called "LABUBU" has quietly launched and been listed on multiple exchanges, riding on the popularity of a trendy IP. During its initial launch, the virtual currency's price sharply rose before experiencing a significant decline.
First Financial News reporters found that LABUBU coin was not officially issued by Bubble Mart, but instead launched by a community-driven group of developers. Industry experts warn that the launch of LABUBU coin is a typical speculative behavior in crypto, and its extreme price volatility fully exposes the high investment risks. They emphasize that most such projects have no value and are essentially fraud and pyramid schemes.
