🚨 China’s Shiyan City Targets Suspected Crypto Pyramids — “Youke Chuang,” “Shiyi Hui,” “Ronghui Capital” Under Fire

Beijing’s crypto freeze just got colder — Shiyan regulators are coming for alleged pyramid schemes promising ‘guaranteed returns’ in a market where crypto is already outlawed.

📌 Quick Take

• Projects under investigation: Youke Chuang, Shiyi Hui, Ronghui Capital
• Allegations: Illegal financial activity via pyramid schemes
• BTC price (24h): 118,886.27 (+1.67%)
• BTC dominance: 59.71%
• BTC market cap: 2.37T
• BTC 24h volume: 61.48B (+10.53%)

🔍 What Happened in Shiyan

Authorities in Shiyan City, Hubei Province, have launched formal investigations into three virtual currency projects accused of operating pyramid schemes disguised as investment platforms. The pitch? Capital protection + high guaranteed returns — a classic red flag in China’s illegal finance playbook.

All of this is happening under China’s total ban on virtual currency trading, proving that underground operators still thrive despite the hostile regulatory climate.

🏛 Context: Flashbacks to the 2021 Crackdown

This isn’t China’s first crypto decapitation move. Back in 2021, Beijing obliterated domestic mining and trading, draining liquidity from OTC markets and forcing a mass exodus of crypto businesses to friendlier jurisdictions.

Since then, the narrative hasn’t changed:

• Financial stability — top priority.
• Capital flight prevention — iron curtain stays shut.
• Consumer protection — weaponized to crush anything crypto-shaped.

📈 Bitcoin Ignores the Drama — For Now

While Shiyan swings the hammer, Bitcoin is still flexing:

• Price is up +1.67% in the last 24 hours.
• Dominance holds near 60%.
• Trading volumes spiked 10.53% to 61.48B.

Global appetite clearly hasn’t cooled — even if Chinese liquidity remains locked out.

⚠️ For Anyone in China

• No legal avenues exist for crypto trading.
• Regulatory risk is extreme — especially for platforms promising fixed or “guaranteed” returns.

🌏 Bigger Picture

China’s scorched-earth policy toward crypto isn’t just about killing scams — it’s about controlling innovation flow. By blocking domestic access while Hong Kong builds regulated digital finance, Beijing risks pushing talent and capital offshore, where policy is friendlier.

The tension between tech adaptation and legal suppression will define how — or if — China re-enters the crypto stage in the next decade.

TL;DR

Shiyan City just went after three alleged crypto pyramid schemes in a country where crypto is already banned. The crackdown echoes Beijing’s 2021 wipeout of mining and trading. Bitcoin? Still rising globally, but Chinese investors have nowhere legal to play.