Shandong, China Busts Virtual Currency Theft Case; Police Use On-Chain Fund Tracing to Identify Suspects

BlockBeats news, October 14: China's Shandong Bincheng police recently received a report from a member of the public, Xie, stating that 1,300 USDC stablecoins and NFT digital collectibles worth tens of thousands of yuan had vanished from his digital wallet. There were no obvious transfer notifications or traces of phishing links in the wallet.

Police officers started with the virtual currency transfer records involved in the case to conduct on-chain fund tracing, and actively sought police-enterprise cooperation to analyze the suspect's account. After extensive work, they identified a major suspect, Chen (30 years old, from Fengyang County, Chuzhou, Anhui). On October 9, technical police officers traveled to Fengyang County and arrested him.

After being brought in, Chen initially denied it, but the police used the immutable and fully traceable characteristics of blockchain evidence to gradually break down his psychological defenses, and Chen finally truthfully confessed to the theft. Currently, Chen has been criminally detained in accordance with the law, and his family has actively compensated the victim for the losses. This case is Bincheng's first virtual currency theft case.