#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 fraud gang also used fake trading data and profit screenshots to make victims believe that the platform was real and reliable, and induced them to increase their investment "profit and loss ratio", making them mistakenly believe that their investment failure was 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 reminds investors to be wary of the authenticity of virtual currency trading platforms, not to trust so-called "investment masters", and not to blindly engage in high-frequency trading, so as not to fall into the trap of fraud.