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Recently, the Public Security Bureau of You County, Hunan Province successfully cracked a case involving transnational fraud using Virtual Money. The case involved various modern communication and financial technologies, highlighting the complexity and concealment of current cybercrime.
In the early hours of July 24, the Criminal Investigation Team of the Youxian Public Security Bureau successfully dismantled a criminal gang that used USDT (a type of digital stablecoin) as a medium for fraud during a carefully planned operation. During the operation, the police arrested three suspects and confiscated a large number of tools used in the crime, including dozens of mobile phones, multiple computers, and a large number of overseas SIM cards.
According to the investigation, since April 2025, this criminal gang has started its meticulously designed scam plan. They use international social media platforms such as Tinder, Telegram, WhatsApp, and Twitter to create fake accounts. These accounts are shaped into the images of wealthy women living alone abroad and cryptocurrency investors, aiming to attract overseas men over the age of 26.
The methods used by the criminal gang are quite sophisticated. They first establish an emotional connection with the victims through fake accounts, and then induce the victims to purchase USDT and deposit it into specific digital wallets. Next, they use high-quality investment opportunities as bait, guiding the victims to click on links containing malicious programs. Once the victims click, the criminals can remotely control their digital wallets and easily transfer the cryptocurrencies inside.
This case reveals a new trend in online fraud: criminals are using global social platforms and emerging financial technologies to carry out transnational scams. It also reminds us of the importance of staying vigilant in the online world, especially when it comes to financial transactions and sharing personal information.
With the popularity of Virtual Money and cross-border social platforms, similar crimes may become more frequent. Therefore, enhancing public awareness of cybersecurity, strengthening international law enforcement cooperation, and improving relevant laws and regulations will be key to combating such crimes.