Police in Shanghai, China, have busted a cryptocurrency fraud ring that duped victims out of thousands of dollars through fake trading platforms. The gang infiltrated investment chat groups, posing as experts, and directed unsuspecting individuals to their fraudulent cryptocurrency contract trading platform. They exploited victims' desire for quick money and convinced them to make multiple trades, earning high fees. The scammers also manipulated victims into increasing their investments by citing a "profit and loss ratio" mechanism. After arrests, the suspects confessed and are being investigated for fraud.



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