Svmuu News Chinese police in Wanshan District, Tongren City, Guizhou Province, recently cracked a virtual currency trading fraud case. Victim Chen was scammed out of 7,118 USDT (worth over 50,000 yuan) during an offline USDT transaction by suspect Tan, who used a "read-only wallet" (a "read-only wallet" address can only be used by the owner to receive and view funds) and a cash display scam.
Investigation revealed that Tan first displayed cash to gain trust. After Chen transferred the USDT into the "read-only wallet," Tan immediately transferred the funds out and denied the transaction. The case is currently under further investigation.
Police remind the public that virtual currency-related businesses are illegal financial activities with extremely high risks; offline cash displays may be a scammer's trap; always verify the authenticity of a wallet address before transferring funds. (Guangming Net)