Hunan Provincial Public Security in China has cracked a virtual currency "pig butchering" scam, and two suspects have been placed under criminal detention in accordance with the law.

According to a notice from the Public Security Bureau of Linwu County, Chenzhou City, Hunan Province, China, on August 19, 2026, the bureau uncovered fraud clues during routine patrols and successfully cracked a virtual currency investment fraud case, arresting two suspects. Upon investigation, on May 1, 2026, suspect Li contacted victim Ms. Yue via private message on a social media platform, falsely claiming he could teach virtual currency investment skills and guarantee stable returns, inducing her to download an app to purchase Tether (USDT) and convert it into a newly launched virtual currency operated by his upstream accomplice. Li and his accomplice artificially inflated the coin’s price to create an illusion of growth, repeatedly persuading the victim to invest more funds. Once the money was received, they dumped the coins rapidly, causing the virtual currency’s value to plummet to zero. Ms. Yue suffered losses of approximately 30,000 yuan, while Li illegally profited tens of thousands of yuan. The illicit funds were collected by his friend Lei and then squandered entirely. Li was arrested by investigators on August 19; Lei, who was suspected of collecting the illicit funds, was taken into custody on September 17. Both suspects have been placed under criminal detention in accordance with the law. The case is currently under further investigation. The police issued a reminder: Virtual currencies are not legal tender, and there are no "guaranteed profit" investment schemes. Any private message recommendation online that promises high returns is a fraud trap. Do not trust investment recommendations from strangers or transfer funds to unfamiliar platforms.