Shanghai's Yangpu District Procuratorate has revealed a virtual currency fraud case involving an eight-member gang. The suspects collaborated with a cryptocurrency investment platform to deceive investors through social media, offering low-price exchange deals and posing as 'crypto experts' with fake profit screenshots. They persuaded victims to engage in full-leverage trading on a specific platform, manipulated the market to cause financial ruin, and profited from commissions on the victims' losses. The case, which affected numerous victims and involved substantial financial losses, led to the prosecution of Peng and seven others for fraud in March 2025. The Yangpu District Court sentenced the defendants to prison terms ranging from 1 to 5 years and imposed fines. Authorities cautioned that virtual currencies lack legal status in China, and related investments are not legally protected, urging investors to use legitimate financial channels.