Svmuu News: The Wenling Public Security Bureau has released a public statement regarding a virtual currency investment and wealth management fraud case. The victim, Mr. Cui, met a blogger on a social media platform who claimed to be a seasoned investment mentor. The blogger lured Mr. Cui with the promise of “guaranteed profits with no risk” from virtual currency investments. After making small profits initially, Mr. Cui was tricked into downloading a fraudulent investment app. Within just 20 days, Mr. Cui deposited a total of 445,000 yuan. When he attempted to withdraw his profits after seeing gains on his account, he was unable to log into the app, and the scammers had all gone missing.
Police remind the public that China has explicitly classified virtual currency-related businesses as illegal financial activities. Any virtual currency investment promotion promising high returns, capital preservation, or guaranteed profits is a scam. The public must remain vigilant and should never blindly trust unfamiliar online investment advisors.