Shanghai, China's Public Prosecution Office has announced a fraud case involving investment in cryptocurrency, with a total amount involved of over 35 million yuan.

By: theblockbeats.news|2025/08/28 14:52:15

BlockBeats News, August 28th. Yesterday, the Shanghai Prosecutor's Office held a series of press conferences to report on relevant cases. From 2020 to 2024, the Minhang District Prosecutor's Office in Shanghai accepted a total of 237 cases involving 375 people for investigation and arrest related to financial crimes. They also reviewed and prosecuted 311 cases involving 704 people, among which crimes involving virtual currencies, digital collectibles, and using technological innovation as a cover have gradually emerged.

In a new type of financial sector fraud case where the accused used the guise of investment in purchasing virtual currency to deceive victims, the defendant Wu and others, while operating a Shanghai e-commerce company, issued their own "air coin" GDFC without real value to fraudulently obtain over RMB 35 million from victims. The related funds flowed into personal accounts of those involved in the case. Their actions constitute the crime of fraud. Currently, the Minhang District Prosecutor's Office in Shanghai has brought public prosecution against them for the crime of fraud.

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