China’s Official Press Agency: 107 Altcoins Under Investigation for Financial Crimes 

 This week China’s official press agency Xinhua news reported that nationwide public security authorities have cracked down on 107 forms of knock-off altcoins in 2017. These coins claim themselves fintech products, but are large-scale Ponzi schemes in disguise, according to the authorities. 

 

                                                       “Zero Risk, High Returns” 

 As bitcoin price rallies hard, a growing number of “Fintech” altcoins join the race in the cryptocurrency industry. Zhao Shouguo, an economics professor at Northwest University in Xi’an, believes that the government’s ruling on ICOs this September has proved to be another case of “people get what they want”.