Foresight News reports that the Shanghai prosecutor's office has announced a virtual currency fraud case. From July 2020 to December 2021, the defendant Wu and others, while operating a certain e-commerce company in Shanghai, claimed to promote facial recognition payment devices. They promised that after paying a franchise fee, members could earn XD points through promotion or referral. They set up an 'open financial launch method' to entice victims to purchase 4 times the amount of GDFC virtual currency for binding and cashing out, concealing the fact that GDFC is an 'air coin' and falsely claiming it had huge appreciation potential. After the price of GDFC plummeted, Wu and others introduced 'GM Fusion' to convert GDFC into ME coins, artificially inflating the price of ME coins to create an illusion of appreciation and continue the fraud. An audit revealed the amount involved exceeded 35 million yuan. The Minhang District Prosecutor's Office confirmed through 'immersive' investigative experiments that GDFC was a worthless 'air coin', guiding supplementary investigations. On April 18, 2024, Wu was approved for arrest, and on February 14, 2025, prosecution was initiated, determining that he constituted a fraud crime. Prosecutors remind that activities related to virtual currency are illegal financial behaviors prohibited by the state, and investors should be wary of high-yield promotions, safeguard their 'money bags', and maintain financial market stability.