According to the Shanghai Procuratorate, the Yangpu District Procuratorate disclosed a case of virtual currency fraud. In the case, a fraud gang of eight people colluded with virtual currency investment and wealth management platforms, posted low-priced virtual currency exchange information through social media to attract victims, and then pretended to be a "coin speculator" and sent false profit screenshots to gain trust.
Fraud gangs induce victims to trade on designated platforms with full leverage, cause victims to "liquidate their positions" through malicious manipulation of the market and other means, and collect platform commissions according to the amount of customer losses. The case involves a large number of people and a huge amount of money.
In March 2025, the Yangpu District Procuratorate prosecuted eight people, including Peng Moumou, for fraud. From April to May, the Yangpu District Court sentenced the defendants to prison terms ranging from one to five years and fined them. The procuratorate reminded that virtual currencies do not have the same legal status as legal currencies in China, and related investment transactions are not protected by law. Investors should choose formal channels for financial investment.
Shanghai Procuratorate Reveals Virtual Currency Fraud Case: 8-Person Gang Sentenced for Inducing Investors to "Full Leverage" Trading
2025-10-24 11:09:45
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