Popular Walking App Qubu Faces Financial Fraud Probe

Caixin Global | Oct 18, 2019 at 8:45 PM
  • It seems almost too good to be true: a mobile app that tracks how many steps you take each day and provides cash rewards depending on how far you walk.
  • Public security officials in Central China’s Hunan province are investigating alleged illegal fundraising and financial fraud at the company behind the program, amid claims that it operates a Ponzi-like business model.
  • The app rewards users who walk more than 3,000 steps a day with “candy coins,” a type of digital currency that can be exchanged for real cash through virtual-coin trading platform Global Health Blockchain Club.