TechFlow News, May 20: According to news reports from Shangguan News, on May 17, 2026, Mr. Gong, a man in his 70s from Shuxin Town, Chongming District, Shanghai, fell victim to a scam after trusting a fraudster posing as an “investment mentor” on a short-video platform. Lured by promises of “low investment and high returns,” he attempted to invest in Bitcoin and twice visited separate bank branches to withdraw RMB 100,000 in cash for transfer. Bank tellers detected anomalies and activated the anti-fraud early-warning mechanism, prompting police intervention and on-site persuasion. Officers explained to the elderly man—using real-life cases—that virtual currency trading and speculation are explicitly prohibited in China, and that so-called “Bitcoin investments” are invariably scams. They then assisted him in deleting fraudulent apps and blocking the scammers’ WeChat accounts. After two rounds of patient persuasion by both police and bank staff, the elderly man finally recognized the scam and abandoned the transfer.
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