Online Shopping Scam Involving USDT: Hunan Police Help Recover and Return All Funds Involved

May 20 (via Hunan Daily) — Police in Baojing County, Hunan Province, China, have recovered 100,000 yuan from a cryptocurrency scam and returned the full amount to the victim, Mr. Liu, more than three months after the fraud occurred. The scam was reported at around 8 p.m. on February 9 by Liu, a victim from another province. Liu said he lost the equivalent of $13,800 when he tried to buy USDT, a stablecoin cryptocurrency, online. Local officers quickly assembled a specialized investigation team to probe the case, working through the night to gather leads. They identified the suspect as Shi, who had no steady income and was ineligible to engage in cryptocurrency trading. To trick people out of money, Shi posted screenshots of others’ crypto trading profits online to pose as an experienced, profitable trader. Liu fell for the ruse and sent Shi 100,000 yuan to buy USDT, but Shi never delivered the cryptocurrency. Instead, he used part of the funds for gambling and other extravagant spending, then moved the remaining money through multiple transactions to hide it from authorities. Investigators tracked the flow of the funds and secured evidence linking Shi to the crime, arresting him the same night the report was filed. To recover Liu’s losses, officers worked with Shi’s family, explaining legal consequences to persuade them to return the full stolen amount. The 100,000 yuan was officially given back to Mr. Liu on the morning of May 14. Shi has been taken into custody on suspicion of fraud, and the case is still under further review.