#Shanghai police crack down on virtual currency fraud case#

Shanghai police recently successfully 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 to disguise themselves as "investment masters" and infiltrate investment groups, attracting victims to download the platform through fake screenshots and inducing them to engage in high-frequency trading to earn high transaction fees. The fraud gang also manipulated the "profit and loss rate" of investments, making victims mistakenly believe that their own misjudgment of the market led to investment failures, thereby defrauding them of 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 reminds investors to be wary of the authenticity of virtual currency trading platforms, not to trust the guidance of "investment masters", and to avoid falling into fraud traps.