#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 used fake virtual currency trading platforms, disguised as "investment masters" to infiltrate investment groups, attracting victims to download the platform through fake screenshots and inducing them to engage in high-frequency trading to earn high commissions. The suspects also induced victims to increase the "profit and loss rate" of their investments through fake trading platforms, 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 suspects have been criminally detained by Yangpu police for suspected fraud, and the case is under further investigation. The cracking of this case once again reminds investors to be vigilant, not to trust investment information on the Internet, and not to easily invest funds in unregulated platforms. When investing in virtual currencies, you should choose legitimate trading platforms and take good risk control measures to avoid being cheated.