#Shanghai police crack down on virtual currency fraud case#

Shanghai police recently cracked a virtual currency contract trading fraud case, smashing a 16-member fraud gang and involving more than 300,000 yuan. The gang built a fake virtual currency trading platform, disguised as "investment masters" to infiltrate investment groups, used fake screenshots to attract victims to download the platform, and induced them to engage in high-frequency trading to earn high transaction fees. The fraud gang also induced victims to increase the "profit and loss rate" of their investments through the fake trading platform, making them mistakenly believe that their investment failures were due to their own misjudgment of the market, thereby defrauding victims of their money. Currently, the criminal suspects have been taken criminal coercive measures by Yangpu police for suspected fraud, and the case is under further investigation. This case once again reminds investors to be wary of the authenticity of virtual currency trading platforms, not to trust so-called "investment masters", and not to easily engage in high-frequency trading, lest they fall into a fraud trap.