Guizhou Police in China Bust Virtual Currency Transaction Scam, Scammer Uses "Watch-only Wallet" to Disguise USDT Transaction

BlockBeats News, March 20. Recently, the Wanshan Police in Tongren City, Guizhou Province, China, cracked a cryptocurrency trading fraud case. The victim, Mr. Chen, was defrauded of 7118 U Coins (equivalent to over 50,000 yuan) when trading USDT offline with the scammer, Mr. Tan, who used a "watch-only wallet" (a "watch-only wallet" address can only be used by the recipient to view) and a cash display scheme.

Investigation revealed that Mr. Tan first displayed cash to gain trust, then immediately transferred and denied the U Coins once Mr. Chen transferred them to the "watch-only wallet." Currently, the case is under further investigation.

The police remind the public that cryptocurrency-related business is considered illegal financial activity with extremely high risks; offline cash displays may be a scammer's trap; always verify the authenticity of the wallet address before making any transfers. (Guangming Daily)