Article
Hunan police in China crack a virtual currency pig-butchering scam;2 suspects criminally detained in accordance with the law
According to BlockBeats,September 22, according to a report by the Public Security Bureau of Linwu County, Hunan Province, China,August 19, 2026, Linwu County police in Chenzhou, Hunan Province, discovered clues to fraud during routine investigation and successfully solved a virtual currency investment fraud case, arresting suspects.
The investigation found that May 1, 2026, suspect Li contacted the victim, Ms. Yue, through a direct message on a social platform. Li falsely claimed to be able to teach virtual currency investment techniques and guarantee stable returns, inducing her to download an APP to purchase Tether (USDT), then exchange it for a newly issued virtual currency controlled by Li's "upstream associate." Li and the associate artificially drove up the token price to create the illusion of gains and repeatedly persuaded the victim to make additional investments. Once the funds were in place, they rapidly dumped the token, causing its value to fall to zero. Ms. Yue lost approximately 30000 yuan; Li illegally profited by tens of thousands of yuan, while the proceeds were collected on Li's behalf by his friend Lei and subsequently squandered.August 19, investigating officers arrested Li;September 17, Lei, who was suspected of collecting the criminal proceeds on Li's behalf, was also arrested. Both were placed under criminal detention in accordance with the law. The case remains under further investigation.
Police reminder: Virtual currencies are not legal tender, and no investment project can guarantee profits without losses. Recommendations sent through online direct messages and promises of high returns are fraud traps. Do not trust investment recommendations from strangers or transfer funds to unfamiliar platforms.
Original link:https://m.theblockbeats.info/flash/368442