TechFlow, on August 28, the Shanghai Procuratorate held a series of press conferences yesterday, releasing relevant cases. From 2020 to 2024, the Minhang District People's Procuratorate of Shanghai accepted 237 financial crime arrest review cases involving 375 individuals and 311 prosecution review cases involving 704 individuals. Among these, crimes disguised as technological innovations—such as those involving virtual currencies and digital collectibles—have gradually emerged.
In one new-type financial fraud case where defendants falsely claimed investment in virtual currency to swindle victims' funds, defendant Wu and others, while operating a Shanghai-based e-commerce company, unilaterally issued a valueless "shitcoin" called GDFC, defrauding victims of over 35 million RMB. The illicit funds were transferred into personal accounts of the suspects. Their acts constitute fraud, and the Minhang District People's Procuratorate of Shanghai has already filed public prosecution against them on charges of fraud.
