70-year-old man in Shanghai, China, nearly scammed out of 100k yuan by a "Bitcoin investment mentor"

BlockBeats News, May 20 — According to Xinmin Evening News, a person in their 70s in Chongming, Shanghai recently fell for online “investment mentor” promotions claiming high returns from Bitcoin investment. They went to the bank twice in a row to withdraw 100,000 yuan in cash for a transfer, and ultimately were successfully dissuaded through coordinated efforts between police and the bank.

Police remind that fake investment scams such as “Bitcoin investment” and “retirement wealth management” targeting the elderly are on the rise. Scammers often pose as “finance experts” on short-video platforms, luring victims into making transfers with tactics such as fake profit screenshots and catchphrases like “low input, high returns, guaranteed profit.” For transactions involving large sums of money, verify with family members first and report to the police promptly.