The Shanghai police in China have cracked a fraud case disguised as "cryptocurrency trading masters," where victims were induced to leverage their investments to the point of liquidation

ChainCatcher news, according to the Shanghai Procuratorate's official WeChat account, the Shanghai Public Security Bureau has arrested a fraud gang disguised as so-called "cryptocurrency masters." This gang colluded in advance with relevant virtual currency investment and financial management platforms, agreeing on profit-sharing conditions—charging commissions based on the amount of investment losses incurred by clients on the platform.

Driven by profit, they launched a meticulously planned scam operation. Some members were responsible for widely posting low-cost virtual currency exchange advertisements on social media, forums, and other platforms, casting a huge net and waiting for those eager for wealth to take the bait.

Once someone took the bait, another group of members would quickly strike, posing as "investment experts" to befriend the victims. They would first establish a rapport with the victims, then send forged investment profit screenshots, with seemingly real profit data acting as enticing bait, gradually lowering the victims' guard and gaining