Crypto’s university grooming rumors echo China’s ‘naked loan’ scandal
Major cryptocurrency exchanges are under fire over allegations that they gave leveraged platform-locked funds to university students in China to encourage speculative trading. The controversy has drawn comparisons to the country’s campus lending scandal nearly a decade ago, when students burdened with debt were offered exploitative “naked loans” in exchange for nude pictures as collateral.
Bruce Xu, co-founder of ETHPanda, claimed that centralized exchanges were giving students non-withdrawable trial funds for futures trading. Profits could be kept, and students…
Apr 19 2025
