Chinese Elderly Man, 70, in Shanghai Almost Falls Victim to $10,000 Bitcoin Investment Coach Scam

BlockBeats News, May 20th, according to Xinmin Evening News, an elderly man in his 70s in Chongming, Shanghai, China, recently fell victim to an online "investment guru" who promoted Bitcoin investment for high returns. The man visited the bank twice in succession to withdraw 100,000 yuan in cash for a transfer, but was eventually successfully dissuaded under the joint action of the police and the bank.

The police reminded the public that there is a high incidence of fraudulent investment schemes targeting the elderly, such as "Bitcoin investment" and "retirement financial planning." Scammers often masquerade as "financial experts" on short video platforms, using false profit screenshots and rhetoric such as "low investment, high returns, risk-free gains" to induce transfers. Individuals involved in large-sum financial transactions should verify with family members first and promptly report to the police.