Guizhou Police Crack Down on Virtual Currency Trading Fraud Case, Scammer Uses "Read-Only Wallet" to Steal 7118 USDT

Gate News: On March 20, in Tongren Wanshan, Guizhou Province, China, police recently uncovered a virtual currency trading scam. Victim Chen was scammed out of 7,118 USDT—equivalent to over 50,000 RMB—by scammer Tan, who used a "read-only wallet" (a wallet address that can only receive and view assets but cannot control them) and cash display to deceive him during an offline transaction.

According to investigations, Tan first showed cash to gain Chen’s trust. After Chen transferred USDT into the "read-only wallet" address, Tan immediately transferred the assets and denied receiving the transfer. The case is still under further investigation.

Police remind: Virtual currency-related activities are illegal financial activities with high risks; offline cash displays may be scams; always verify the authenticity and controllability of wallet addresses before transferring.