Shanghai prosecutors reveal virtual currency fraud case: 8 people convicted for inducing investors to trade with full leverage

PANews reported on October 24th that the Shanghai Procuratorate's official account disclosed a virtual currency fraud case involving an eight-member ring working with a virtual currency investment platform. They posted low-price exchange offers on social media to attract victims, posing as "cryptocurrency experts" and sending fake profit screenshots to gain their trust. The ring, working with the platform, received commissions based on the amount of clients' investment losses, and then launched a meticulously planned scam. Some members cast a net by posting low-price virtual currency exchange messages on social media and other platforms. Once someone took the bait, other members approached them posing as "investment experts," ingratiating themselves with them and sending fake profit screenshots to lure victims into lowering their guard. Finally, they induced victims into fully leveraged investments, then maliciously manipulated the market to cause their positions to go bankrupt, pocketing the proceeds. In March 2025, the Yangpu District Procuratorate indicted eight individuals, including Peng Moumou; from April to May, the court sentenced them to prison terms ranging from one to five years and other fines.