Guangxi Beihai Police Bust a Virtual Currency Investment Fraud Gang, Arresting 6 People on Site

Guangxi Beihai Police Bust a Virtual Currency Investment Fraud Gang, Arresting 6 People on Site Beihai police reported on September 1: Recently, the Haicheng Branch of the Beihai Public Security Bureau successfully solved a fraud case under the guise of investing in virtual currency, dismantled a fraud criminal gang, arrested 6 criminal suspects on site, and seized 6 laptops involved in the case. Investigation found that members of the gang sought out potential victims on social platforms, disguised themselves as people who had profited from cryptocurrency trading, fabricated claims that newly issued virtual currencies were about to appreciate substantially, and lured people into investing. After victims transferred funds to invest, the gang reported information through overseas communication software, manipulated virtual currency wallets in the background, and set conditions such as inability to withdraw and forced liquidation. The platform could only be used to buy, and only accounts on the gang's designated whitelist could sell, thereby illegally misappropriating victims' funds. At present, the 6 criminal suspects have been subjected to criminal coercive measures by the public security authorities in accordance with the law, and the case is under further handling.