Odaily Planet Daily reports that the Shanghai Municipal Procuratorate reported on financial crime cases at a series of press conferences. From 2020 to 2024, the Minhang District Procuratorate in Shanghai accepted 237 financial crime cases involving 375 individuals for review and arrest, and prosecuted 311 cases involving 704 individuals. Among these cases, new types of fraud, such as virtual currency and digital collectibles, have been on the rise.

In a case purportedly involving virtual currency investment, defendant Wu and others defrauded victims of over 35 million yuan by issuing GDFC, a valueless "virtual currency," with the funds diverted into personal accounts. Prosecutors have filed charges against them for fraud.