(Yicai Global) Feb. 18 -- China’s top banking regulator has warned the public to be vigilant following cases of illegal fund-raising and fraud committed by criminals in metaverse-related swindles.

The main ploys include fabricating metaverse investment projects, making up a variety of high-tech investment projects with the metaverse concept, and attracting public funds by falsely advertising high returns, the China Banking and Insurance Regulatory Commission said on its website today.

There are also people who use so-called metaverse blockchain games to deceive participants to make investments by exchanging virtual coins and buying game props, the CBIRC noted.

Some criminals are exploiting the red-hot metaverse concept to stoke expectations of virtual real estate price increases and create the illusion of panic buying, thereby luring in victims. Other lawbreakers claim the virtual coins they have issued are future ‘metaverse currency,’ inducing the public to buy and invest, the CBIRC added.

China has also seen other frauds related to the metaverse. According to a CCTV report at the end of December, a Fuzhou-based firm that described itself a metaverse research body, claimed to have developed a metaverse blockchain game that guaranteed high-margin returns.

All people had to do was pay a CNY6,000 (USD948) service fee first to buy game props with fiat money as investment under the firm’s guidance, the report said.

Editor: Peter Thomas