Chinese Man from Sichuan Province Scammed of $3.46 Million in "Virtual Currency" Investment, Police Recovers Stolen Funds After a Long Chase, Preventing Loss

BlockBeats News, May 1st. Recently, the Gao Ping Police Station in Sichuan Province, China, uncovered a cryptocurrency fraud case where the victim, Mr. Yang, was deceived by "online friend" Mr. Deng Mouhui, under the guise of cryptocurrency investment, and lost 3.46 million yuan.

In December 2025, Mr. Yang saw a cryptocurrency investment advertisement online and consulted with online friend Mr. Deng Mouhui. Mr. Deng immediately recommended a "no-loss" project, and Mr. Yang made an initial transfer of 20,000 yuan. After that, Mr. Deng sent daily screenshots of profits, constantly persuading him to invest more. Mr. Yang, under trust and the temptation of high returns, invested a total of 3.46 million yuan, with an agreement to receive the principal and interest in a lump sum at the end of the period.

In April 2026, on the agreed redemption date, Mr. Yang found that Mr. Deng had blocked him and disappeared, so he reported it to the police. The Gao Ping Police Station, through tracing the flow of funds and multi-dimensional data analysis, located Mr. Deng hiding in the Hunan and Jiangxi areas. In late April, after a long-distance pursuit, they captured him, seizing evidence worth over 600,000 yuan.

Investigation revealed that Mr. Deng had no fixed income, was addicted to high consumption, leading to high debts. From the end of 2025 to March 2026, he engaged in fraud through a fictitious cryptocurrency project, using the proceeds for real estate, car purchases, and debt repayment. Currently, Mr. Deng has been criminally detained, and efforts to recover the funds are still ongoing.