《“Cryptocurrency Master” colludes with platforms to commit fraud, when will the chaos of virtual currency investment end?》

According to news from the Shanghai Prosecutor's WeChat account, the Shanghai police have dismantled a fraud gang that was deceiving people under the guise of “Cryptocurrency Master.” They had previously colluded with certain virtual currency investment and financial management platforms and agreed on profit-sharing, taking commissions based on the losses customers incurred on the platform. With this financial incentive, they began to carefully design their scams.

Some members of the gang spread information about low-priced virtual currency exchanges on social media and forums, waiting for those looking to make money to take the bait. As soon as someone made contact, another member would immediately engage with them posing as an “investment expert.” They would first build rapport and then send fake investment profit screenshots to the target, with seemingly real profit data that would gradually make the target lower their guard and trust them completely.

In the end, this gang would induce the target to increase their investment leverage and then use malicious market manipulation techniques to make the virtual currency they invested in “crash,” funneling the money straight into the fraudsters’ pockets.

In March 2025, the Yangpu District Prosecutor's Office prosecuted Peng Moumou and seven others for fraud. From April to May 2025, the Yangpu District Court also sentenced Peng Moumou and others for fraud, with prison terms ranging from one to five years, along with fines.

The report also stated that in our country, virtual currencies do not have the same legal status as fiat currencies, and investing in and trading virtual currencies is not protected by law. Although it has characteristics such as scarcity, anonymous trading, and high volatility that can easily make people feel they can quickly earn large sums of money, we must be clear that high returns often come with significant risks, so don't be easily deceived! #加密市场观察