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70-Year-Old Stopped Twice by Bank, Police While Attempting to Wire 100,000 Yuan in Bitcoin Scam

GateNews

Enforcement Actions Security Incidents

2026-05-20 03:09:56

BTC-0.15%

According to Shanghai Chongming police, on May 17, a 70-year-old resident attempted to wire 100,000 yuan in savings after being lured by a fake Bitcoin investment scheme on social media. The victim, who was deceived by scammers posing as investment advisors promising "low investment, high returns," made two separate withdrawal attempts at different bank branches. Bank tellers detected suspicious activity and triggered anti-fraud protocols, alerting local police. Officers intervened to dissuade the resident and explained that virtual currency trading is banned in China, clarifying that all such "Bitcoin investment" schemes are fraudulent. Police assisted in deleting the fraudulent app and blocking the scammer's contact. After repeated warnings from both banking and law enforcement, the victim abandoned the transaction.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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