#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 commissions. The fraud gang also used fake trading data to make victims 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 warns investors to be vigilant, not to trust the promises of so-called "investment masters", and not to easily download trading platforms of unknown origin, to prevent being cheated.