TechFlow, on October 24, according to Shanghai Procuratorate, the Yangpu District People's Procuratorate disclosed a cryptocurrency fraud case. In this case, an eight-member fraud gang colluded with a cryptocurrency investment platform, luring victims by posting low-price cryptocurrency exchange offers on social media, then impersonating "crypto trading gurus" and sending fake profit screenshots to gain trust.
The fraud gang induced victims to trade with maximum leverage on designated platforms, caused victims to "liquidate" through malicious market manipulation and other means, and received commissions from the platform based on victims' losses. The case involved a large number of people and significant amounts of money.
In March 2025, the Yangpu District People's Procuratorate filed public prosecution against Peng Moumou and seven others on charges of fraud. From April to May, the Yangpu District Court sentenced the defendants to fixed-term imprisonment ranging from one to five years, along with fines. The procuratorate warned that virtual currencies do not have legal status equivalent to fiat currency in China, related investment and trading activities are not protected by law, and investors should choose正规 channels for financial investments.
