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Wenling police exposed a virtual currency investment fraud scheme, in which victims lost 445,000 RMB in 20 days.
OdailyJul 8, 2026
Wenling Public Security reported a virtual currency investment fraud case. Mr. Cui, the victim, met a blogger on a social platform who claimed to be a senior investment mentor. The blogger used the lure of risk-free virtual currency investments to deceive Mr. Cui. After initially making small profits, Mr. Cui was induced to download a fake investment APP. Within just 20 days, Mr. Cui deposited a total of 445,000 yuan. When he applied to withdraw his funds after the balance showed profits, the APP became inaccessible, and all the scammers disappeared.
Police remind the public that virtual currency-related businesses are clearly defined as illegal financial activities in China. Any virtual currency investment promotion that promises high returns or guaranteed profits is a scam. The public needs to raise their awareness and not easily trust unfamiliar online investment mentors.[Odaily]
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