according to Shanghai prosecutors, the Yangpu District Procuratorate disclosed a case of virtual currency fraud. In this case, an 8-person fraud gang colluded with a virtual currency investment platform, attracting victims through social media by posting information on exchanging virtual currency at low prices, and then pretending to be "coin trading experts" by sending false profit screenshots to gain trust.

The fraud gang induced victims to trade on a designated platform with leverage, causing victims to "burst" through malicious market manipulation and collecting platform commissions based on customer losses. The case involved a large number of people and a huge amount of money.

In March 2025, the Yangpu District Procuratorate prosecuted Peng Moumou and 8 others for fraud. From April to May, the Yangpu District Court sentenced the defendants to 1 to 5 years in prison and fined them. The procuratorate reminds that virtual currency does not have the same legal status as legal tender in China, and related investment transactions are not protected by law. Investors should choose legitimate channels for financial investment.