China Investigating Qubu Blockchain Application
Chinese law enforcement has begun an investigation concerning the activities of the decentralized fitness app Qubu. Information on illegal fundraising was the reason for it. The fact is that there are internal tokens in the application, the so-called “candies”, which users get for completing tasks: to receive a reward, you must do at least 4 thousand steps daily for 45 days in a row. Regulators believe that these tokens are a financial instrument that guarantees a profit of 36.8% for two months. About 95 million people use the Qubu application, it is also worth noting that the application requires a payment of 1 yuan when registering. The issue of internal tokens is limited to 1 billion units. Despite the fact that the developers claim that the application is based on blockchain technology, technical reviewers believe that this is not true.