#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 suspects 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. They also manipulated the "profit and loss rate" of investments to make victims mistakenly believe that their own misjudgment of the market led to investment failures, thereby defrauding them of money. Currently, the suspects have been criminally detained by the police on suspicion of fraud, and the case is under further investigation. This case reminds investors to be wary of the authenticity of virtual currency trading platforms, not to trust so-called "investment masters" and high returns, and to avoid falling into fraud traps.