#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 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 suspects have been criminally detained by the police on suspicion of fraud, and the case is under further investigation. This case exposes the security risks of virtual currency trading platforms and reminds investors to be vigilant, not to trust so-called "investment masters" and high returns, and to avoid falling into fraud traps.