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The PuYin Coin case is a fundraising fraud case disguised under the name of 'Blockchain + Tibetan Tea' that involved the forgery of asset endorsements.

The project was issued by Shenzhen PuYin Blockchain Group Co., Ltd., initially called 'Pu'er Coin' but later renamed PuYin Coin. It claimed to be a backed digital currency tied to physical Tibetan tea assets, stating that one coin corresponds to one yuan of Tibetan tea, and falsely claimed to have 10 billion yuan worth of Tibetan tea as collateral, creating the illusion of solid asset support.

PuYin Company extensively promoted through its official website, the acquired P2P platform 'Quqian.com', as well as the internet and social media platforms, even holding roadshows at star-rated hotels, promising high annual returns, and falsely claiming to supplement 10 billion yuan of Tibetan tea support and split the tokens. At the same time, the company manipulated the investment funds, raising the price of PuYin Coin from 0.5 yuan to 10 yuan to attract investors.

In June 2017, the police received reports and intervened in the investigation, finding that only over 50 million yuan of investment funds were used to supplement the Tibetan tea, and the so-called 10 billion yuan Tibetan tea endorsement was purely fabricated. In March 2018, the police arrested six suspects and seized 100,000 cakes of tea. The case ultimately caused over 3,000 victims to lose about 307 million yuan, with the highest individual loss reaching 3 million yuan, and subsequently, the price of PuYin Coin nearly dropped to zero, resulting in significant losses for investors. In addition, the company had previously been fined 1.2 million yuan by the Shenzhen Market Supervision Administration for publishing false investment solicitation advertisements.

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$ETH Evening Thoughts:
Looking at the chart: Bitcoin has been eager to push upward, but Ethereum is not really wanting to rise. Why?
Switch to the exchange rate of Ethereum and take a look, as the exchange rate has been in a downward trend. If the exchange rate does not rise, Ethereum will never be able to unleash its potential for upward movement. No matter how hard Bitcoin tries, it won't change anything; the exchange rate is the lifeline of Ethereum.
Ethereum's hourly level can maintain a fluctuation within the range of 3045-3005, and it would be best if it could break through, but if it can't, let's just oscillate around this range for now! As long as it doesn't drop below 3005, there won't be any issues. If it breaks below 3005, I must draw a line; no one can stop what I say.
Look at the rapid increase in the big bullish candle indicated by the left yellow arrow; the speed of the decline will be a hundred times faster than the speed of the rise because this bullish candle does not have much accumulation of chips and belongs to a vacuum area. Therefore, it rises quickly and also falls quickly. This is why Ethereum has been consolidating above 3005 without going down because if it goes down, it will draw a line and be stuck here?
If it can't hold on, it will rise, or Bitcoin will correct, and it will rise too. I do hope Ethereum can rise quickly and stay away from 3005; otherwise, it is too dangerous and could rise at any moment.
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Ethereum breaks through 3031 with volume on the right side to chase long positions, while breaking down 3025 with volume on the right side to chase short positions. Pay attention to changes in volume and set proper stop losses.
Ethereum's hourly level stands firm at 3044, looking up at 3073-3118. If it holds 3044, it will continue to move upward.
On the 4-hour level, if it breaks below 3006, look down at 2960-2926. Once it breaks below 3006, Ethereum will need to correct.
Continuing to look at the chart: Although the consolidation box of Ethereum's 4-hour level has been broken, it has not continued to rise. Instead, it has consecutively closed 4 high-position doji candles. What does this mean? Ethereum, what do you want to express? If Ethereum cannot maintain operation at the upper boundary of the box and falls back inside the box, it will definitely come back to test the midline of the box at position 2847. This position of 2847 is the neckline of this wave's 4-hour level rise. A pullback here is not a problem. I hope that when pulling back to this position, everyone stays calm and concludes the meeting.
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