The Chinese online community has been complaining that their parents are becoming obsessed with cult-like cryptocurrency "mining" groups that are scamming the nation's elderly. These so-called mining apps require participants to rapidly tap phone screens to accumulate points, as well as complete daily tasks like watching videos and ads. Scammers often ask victims to pay fees and invite acquaintances into the group, with some apps even acquiring users' documents by asking them to go through Know Your Customer verification.

One source reportedly told the local news outlet that their grandmother invested a portion of her retirement savings after initially earning 20,000 yuan (around $2,800) in the scheme, but hasn't been able to withdraw anything since then. The outlet cited one former member of such groups to claim that participants are brainwashed and negative opinions are met with hostile responses or community bans.

In other news, the fallout from the WazirX exchange saga continues, as the platform faces a new fraud probe. Additionally, the return of Terraform Labs founder Do Kwon to South Korea has been delayed again, adding to the ongoing drama in the Asian crypto market.

Source: https://cointelegraph.com/magazine/china-crypto-tapper-cults-scam-wazirx-asia-express/

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