Guizhou police in China crack down on virtual currency trading fraud case, scammers use "read-only wallet" to impersonate USDT transactions

MarsBitNews · 2026-03-20T12:52:45+00:00

Guizhou Province Tongren Wanshan Police Crack Virtual Currency Fraud Case; Victim Chen Defrauded of 7118 USDT During Trading. Scammer Tan Gained Trust by Displaying Read-Only Wallets and Cash, Then Immediately Transferred Funds. Police Remind That Virtual Currency Trading Risks Are Extremely High and Wallet Address Authenticity Must Be Verified Carefully.

MarsBitNews

2026-03-20 12:52:45

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Mars Finance News: On March 20, the Wanshan police in Tongren, Guizhou Province, China, recently uncovered a virtual currency trading scam. Victim Chen was scammed by con artist Tan using a “read-only wallet” (a wallet address that can only be used for receiving and viewing) and cash during an offline transaction of USDT, resulting in the loss of 7,118 UST (equivalent to over 50,000 yuan).

According to investigations, Tan first gained trust by showing cash, then immediately transferred the UST after Chen transferred it into the “read-only wallet,” and then denied everything. The case is currently under further investigation.

Police remind the public that virtual currency-related activities are illegal financial activities with extremely high risks; offline cash displays may be a scam trap; always verify the authenticity of wallet addresses before transferring. (Guangming Online)

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