Shanghai police have solved multiple virtual-currency economic-crime cases this year, apprehending more than 70 suspects in matters involving over 20 billion yuan. The largest case involved nearly 20 billion yuan and 19 suspects who allegedly routed yuan into foreign currency via virtual-currency matched flows. In a separate case, Shanghai Hongkou police arrested nine suspects, including Li, who since early 2024 allegedly ran two apps for illegal cross-border fund exchange and virtual credit-card issuance and settlement involving more than 200 million yuan, charging fees inside a closed-loop platform.