#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, and used fake screenshots to attract victims to download the platform. They induced victims to engage in high-frequency trading and defrauded money by setting high transaction fees. The fraud gang also used fake transaction data to make victims mistakenly believe that their investment failures were due to their own misjudgment of the market, thereby concealing their fraudulent activities. Currently, the criminal suspects have been taken criminal coercive measures by the 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 engage in high-frequency trading, lest they fall into the trap of fraud gangs.