PANews reported on January 1 that according to the Xinmin Evening News, the Yangpu police in Shanghai successfully cracked a virtual currency contract trading fraud case and smashed a 16-member fraud gang. The amount involved was more than 300,000 yuan. The suspects induced victims to increase their investment "profit and loss rate" through fake virtual currency trading platforms, making them mistakenly believe that their investment failures were caused by their own misjudgment of the market, in order to defraud victims of their money. The suspects have been taken criminal coercive measures by the Yangpu police in accordance with the law for suspected fraud, and the case is under further investigation.