A 70-year-old man in Shanghai narrowly escaped being scammed out of 100,000 yuan by a Bitcoin "investment mentor".

CoinFeed reported on May 20th that, according to Xinmin Evening News, a 70-year-old man in Chongming, Shanghai, recently fell for an online scam involving Bitcoin investment, believing a "mentor's" promise of huge profits. He twice went to the bank to withdraw 100,000 yuan in cash to transfer. Fortunately, the police-bank cooperation mechanism intervened and prevented the elderly man from suffering further losses. Police warn that fraudulent investment schemes targeting the elderly are rampant. Scammers often use online social media platforms, using terms like "Bitcoin investment" and "retirement financial management," employing enticing rhetoric of "low risk, high returns" to brainwash seniors and induce them to transfer money. Senior citizens are urged to remember: cryptocurrency trading is illegal, and unfamiliar investments are always traps; verify large sums of money carefully, and contact the police immediately if any problems arise. Children should also show more care and concern for their elderly parents, frequently reminding and communicating with them to protect their retirement savings.