RATE Group | Chinese Crypto Fitness App Reportedly Under Investigation for Fraud
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Chinese Crypto Fitness App Reportedly Under Investigation for Fraud

18 Dec Chinese Crypto Fitness App Reportedly Under Investigation for Fraud

Posted at 14:06h in Cryptocurrency News by

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A Chinese cryptocurrency fitness app has reportedly been placed under investigation for allegedly illegal fundraising practices and financial fraud.

Nikkei Asian Review reported the news on Dec. 18, citing documents ostensibly accessed by its affiliate publication, KrASIA. 

Investors in limbo

According to the report, the market regulator in Changsha, the capital of Hunan province,  is investigating a fitness app that promised to reward users with cryptocurrency “candies” in exchange for being active.

By clocking 4,000 steps a day for 45 days, users of the app, dubbed “Qubu,” could purportedly earn 15 candies, which could then be traded in for cash or used to unlock app features promising higher rewards.

The candies were purportedly marketed as “wealth management instruments” with a lucrative offer of a 36.8% return over a 60 day period. The investment scheme urged users to recruit further app users “downline” to earn extra income. Qubu purportedly claimed to have…

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