According to a report by Jinse Finance, citing the "Procuratorate Daily," the methods used to facilitate cybercrime are constantly evolving, and telecommunications network fraud cases involving virtual currencies are also happening frequently.

In June of this year, suspect Yang, through a messaging app, logged onto a black and gray market trading platform called "Huawang" and joined a group chat for buying and selling the virtual currency "U Coin." Subsequently, Yang, Jin, and He jointly invested 220,000 yuan, with Yang purchasing virtual currency from a "U Merchant" in the group at a price three cents lower than the platform's trading price. This currency was stored in the "U Merchant's" account to be used for tasks. These tasks involved assisting the "U Merchant" in selling "U Coins" and collecting the proceeds. On June 8, Yang, instructed by the "U Merchant," colluded with Jin and He to collect 220,000 yuan in cash from victim Gao by selling "U Coins." The 220,000 yuan was then deposited at a location designated by the "U Merchant," who then transferred payment in the form of "U Coins" to Yang's "U Coin" account. The three individuals earned a total of 3,800 yuan in profits.

The report states that in China, the purchase and sale of foreign exchange must be conducted at designated locations, otherwise it is considered illegal. In serious cases, individuals may face criminal charges. Therefore, prosecutors remind investors to avoid easily believing others and withdrawing large amounts of cash from banks to purchase virtual currencies in pursuit of small profits. They should remain rational, strengthen their risk prevention awareness and identification abilities, be constantly vigilant against virtual currency scams, and stay away from illegal fundraising activities.