A Haidian case involved a woman in her 60s who allegedly posed as her 20-year-old goddaughter, borrowed more than 200,000 yuan from a man and lost it all in 10x leveraged virtual currency trading.
A court in Beijing's Haidian district sentenced a woman in her 60s to four years in prison and imposed a fine after finding her guilty of fraud in a romance scam tied to crypto speculation. The woman posed as her 20-year-old "goddaughter" to develop an online relationship with a man, then borrowed more than 200,000 yuan from him. The money was later used entirely for virtual currency trading, where she went all-in with 10x leverage (borrowed funds that magnify gains and losses) and was liquidated, wiping out the funds. The Haidian court also ordered her to repay the victim's losses.