#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, using fake screenshots to attract victims to download the platform, and inducing them to engage in high-frequency trading to earn high transaction fees. The fraud gang also used fake trading data to induce victims to increase their investment "profit and loss ratio", making them mistakenly believe that their own misjudgment of the market led to investment failure, 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 reminds investors to be wary of fake platforms and "investment masters", not to believe in high returns, and not to easily invest funds in unregulated platforms, to avoid economic losses.