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

May 20, as reported by Xinmin Evening News, a 70-something man in Chongming, Shanghai, China, nearly became a victim of an online "investment guru" pushing Bitcoin investments that promised massive returns. The man visited his local bank twice in a row to withdraw 100,000 yuan in cash to send to the scammer, but police and bank staff worked together to successfully talk him out of the plan. Law enforcement officials are warning that investment scams targeting older adults—including Bitcoin schemes and fraudulent "retirement financial planning" offers—are highly prevalent. Scammers often pose as financial experts on short video platforms, using fake profit screenshots and lines like "small investment, big returns, zero risk" to trick people into transferring money. For anyone making large financial transactions, police advise confirming details with family members first, and reporting any suspicious activity to authorities immediately.