The Shanghai prosecutor's office in China announced a fraud case under the guise of investing in Virtual Money, with a total amount involved exceeding 35 million yuan.

On August 28, a series of press conferences by the Shanghai procuratorate were held yesterday, during which relevant cases were reported. From 2020 to 2024, the Shanghai Minhang District Procuratorate has accepted a total of 237 financial crime review arrest cases involving 375 individuals, and has reviewed and prosecuted 311 cases involving 704 individuals. Among these, crimes involving Virtual Money, digital collectibles, and other crimes carried out under the guise of technological innovation have gradually emerged. In a new type of financial fraud case where the victims were deceived under the pretext of investing in Virtual Money, defendants Wu and others, during their operation of a certain e-commerce company in Shanghai, issued the scamcoin GDFC, which has no actual value, and defrauded victims of a total of more than 35 million RMB, with the related funds flowing into the personal accounts of the involved individuals. Their actions constitute fraud, and the Shanghai Minhang District Procuratorate has now prosecuted them for fraud.