#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 fraud 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 commissions. The fraud gang also used fake trading data to make victims mistakenly believe that their own operations were the reason for their investment failure, thereby defrauding them of 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 the guidance of "investment masters", and to avoid falling into fraud traps.