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Shandong, China has cracked a virtual currency theft case, with local police using on-chain fund tracing to pinpoint suspects.

52 minutes ago

Public security authorities in Bincheng, Shandong Province, China recently received a report from local resident Xie, who stated that 1,300 USDC stablecoins and NFT digital collectibles worth tens of thousands of yuan had vanished from his digital wallet. No obvious transfer alerts or phishing link traces were detected on the wallet. Police launched on-chain fund tracing by following the transfer records of the involved virtual currency, and actively collaborated with enterprises to analyze the suspect’s accounts. After extensive investigation, they identified the prime suspect Chen, a 30-year-old from Fengyang County, Chuzhou, Anhui Province. On October 9, technical police officers traveled to Fengyang County and arrested Chen. Upon being taken into custody, Chen initially denied the allegations. Police utilized the immutable and fully traceable nature of blockchain evidence to gradually break down his psychological defense, prompting Chen to eventually confess to the theft. Chen has been placed under criminal detention in accordance with the law, and his family has actively compensated the victim for the losses. This marks the first virtual currency theft case in Bincheng.

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