Stolen cryptocurrency case cracked in Shandong, China; police trace funds on-chain to identify suspect
On October 14, Bincheng police in Shandong, China, recently received a report from a resident surnamed Xie, who said that 1,300 USDC stablecoins and NFT digital collectibles worth tens of thousands of yuan had vanished from their digital wallet. There were no obvious transfer notifications or signs of phishing links.
Police began tracing the funds on-chain using records of the cryptocurrency transfers involved in the case, and sought cooperation with businesses to analyze the suspect’s accounts. After extensive investigation, they identified Chen (30, from Fengyang County, Chuzhou, Anhui) as a major suspect. On October 9, police technicians traveled to Fengyang County and arrested him.
After his arrest, Chen initially denied the allegations. Police used the tamper-proof nature of blockchain evidence and its complete transaction records to gradually break down his psychological defenses. Chen eventually confessed to the theft. He has been placed in criminal detention in accordance with the law, and his family has actively compensated the victim for the losses. This is Bincheng’s first case involving stolen cryptocurrency.#btc #eth
On October 14, Bincheng police in Shandong, China, recently received a report from a resident surnamed Xie, who said that 1,300 USDC stablecoins and NFT digital collectibles worth tens of thousands of yuan had vanished from their digital wallet. There were no obvious transfer notifications or signs of phishing links.
Police began tracing the funds on-chain using records of the cryptocurrency transfers involved in the case, and sought cooperation with businesses to analyze the suspect’s accounts. After extensive investigation, they identified Chen (30, from Fengyang County, Chuzhou, Anhui) as a major suspect. On October 9, police technicians traveled to Fengyang County and arrested him.
After his arrest, Chen initially denied the allegations. Police used the tamper-proof nature of blockchain evidence and its complete transaction records to gradually break down his psychological defenses. Chen eventually confessed to the theft. He has been placed in criminal detention in accordance with the law, and his family has actively compensated the victim for the losses. This is Bincheng’s first case involving stolen cryptocurrency.#btc #eth