The Shanghai prosecution disclosed a virtual currency fraud case, where an 8-member gang was sentenced for inducing investors to trade with full leverage

ChainCatcher news, according to market reports, the court disclosed a virtual currency fraud case involving an 8-person fraud gang colluding with a virtual currency investment platform. They attracted victims by posting low-price exchange information on social media and impersonated "crypto trading experts" to send forged profit screenshots to gain trust.

The gang colluded with the virtual currency investment platform, taking commissions based on the amount of client investment losses, and then carried out a meticulously planned scam. Some members posted low-price virtual currency exchange posts on social media and other platforms to "cast a net." Once someone took the bait, other members approached them as "investment experts," befriending them and sending forged profit screenshots to lower their guard. In the end, they induced the victims to leverage their investments heavily, leading to a "liquidation" due to malicious market manipulation, with the funds flowing into the pockets of the fraudsters. In March 2025, the Yangpu District Prosecutor's Office