Withdrawal of 200,000 frozen card seized 6 million USD digital assets, is the overseas team wronged by "ocean fishing"?

Recently, I saw a Twitter user "Flying Fish" who was arrested across provinces for "illegally using information networks." After being released, he sought to reclaim the 6 million USD in virtual currency that was transferred away. Today, I will provide some insights from the perspective of securing funds for those in the Web3 industry.

According to their claims, they are five blockchain practitioners who have worked in Singapore and Malaysia (switching visas back and forth as needed) for over four years (returning to China many times in between). They have never violated any laws or regulations and firmly believe that blockchain is the future, which is why they chose to pursue their dreams overseas. They have also earned some savings through hard work and have gradually transferred some money back home to their parents and relatives over the four years without any issues.

However, after returning to China in mid-June this year, a nightmare began. Due to living expenses, they exchanged about 200,000 RMB through a well-known exchange. Unexpectedly, this small transaction became the trigger. The next evening, an uncle from another province suddenly arrived at their hotel and took them to a police station over 600 kilometers away for interrogation. They were interrogated late into the night, not allowed to sleep, and even had their phones forcibly unlocked using facial recognition (two of them surrendered their passwords under pressure).

They claimed that the uncle transferred over 6 million USD worth of BTC, ETH, SOL, and other virtual currencies but did not provide any proof or confiscation list.

The above paragraph roughly summarizes their statements on social media, lacking detailed case explanations and self-aggrandizing narratives, which is a common description of suspects after being coerced.

Let’s not mention that "Flying Fish" was later exposed for allegedly engaging in meme trading and scamming investors, which is not unjust!

Now, let’s look at their description, which is full of loopholes:

Switching visas back and forth between Singapore and Malaysia indicates that they do not have proper work visas!!!

Claiming to have never violated any laws or regulations, let’s be clear: you just haven’t been caught yet, it doesn’t mean you’re in the clear!

Over the four years, they gradually transferred some money back home to their parents and relatives without any issues. Again, you only think there’s no problem with the money you withdrew from the exchange.

As for the late-night interrogation, the Criminal Procedure Law also stipulates that suspects who have been detained or arrested should be interrogated within 24 hours of detention or arrest. This means that within the 24-hour limit, the investigative agency can arrange interrogation times based on the case situation, including late at night.

They are an overseas technical team that does not issue tokens but holds technical shares in some projects. They earn money by providing technical services and selling source code. After returning to China in June this year, they were arrested across provinces after cashing out 200,000 RMB at an exchange. Many netizens speculate that they must be a token-issuing project scamming investors, otherwise, they wouldn’t have made so much money. This viewpoint will not be discussed further as the parties involved deny it, but I reserve my opinion.

Another point that can be verified is the uncle's retort: "Don’t you know what you’ve been doing? You haven’t returned after being abroad for so long; what have you been up to?"

In fact, during investigations, uncles often require suspects to first describe their illegal activities. This asymmetry of information is used to gather more favorable information for the investigation. Setting aside the uncles' investigative strategies and techniques, if what the uncles said is true, it means they have already grasped their behavior of providing technical outsourcing or selling source code during the preliminary investigation.

However, they only believe that they were coerced because they cashed out 200,000 RMB in USDT through the exchange. They think that over the four years, they only transferred "some money," which I believe is a significant amount. This is merely their perception of having no issues.

Before the uncle coerced them, he may have already arrived at their location a week in advance, tracking their behavior, who they met, what car they drove, and what standard of hotel they stayed in, rather than appearing suddenly. The uncle's procedures are quite complex!!!

As a professional researcher of OTC coin dealers, I can clearly tell you that it is impossible for you to have withdrawn money from the exchange without any issues over four years, and this 200,000 must involve many factors. With a team of this scale and this level of understanding, you cannot just find any OTC dealer on the exchange to sell to.

I do not believe you have fixed, clean channels.

Currently, the uncle is more focused on pursuing their legal responsibility for providing technical outsourcing and source code, and the likelihood of pursuing the possibility of receiving dirty money from selling USDT is low, which can be inferred from the charges.

Because if it were due to the legal responsibility of dirty money, the charge on the detention notice should be concealment or aiding and abetting, rather than the current charge of illegally using information networks.

Theoretically, if the technology and the platforms using the technology and source code are not illegal, then whether you hold technical shares or not, there is no legal risk.

However, once the technical services, source code, and the platforms using both have issues, holding technical shares becomes a tricky problem.

Imagine if the platform is deemed to be involved in fraud (for example, suddenly withdrawing liquidity), then not only those providing "technical support" but also those holding technical shares and participating in dividends may be seen as part of the fraud group. Would they not be considered co-conspirators in a joint crime, thus being convicted of serious fraud charges?

This is possible. However, according to the current situation, it has not escalated to such a serious level, as the final decision should not pursue criminal responsibility.

Given that the parties involved mainly seek the return of the 6 million USD, I will first analyze this matter. According to the information disclosed by the parties, the uncle did not provide any documentation when transferring and seizing this portion of the assets. If this information is true, then the police clearly violated procedural laws, as any law requires the issuance of a confiscation list and other documentation to be signed by the seized party.

In this case, the parties disclosed that it was the public security agency in the southeastern region, where there are many cases in the Jiangsu and Zhejiang areas, with rich experience and standardized processes. It should be rare for such a large asset seizure to occur without issuing confiscation documents, so this raises doubts.

The uncle can make many mistakes, but as long as he makes one mistake, everything resets to zero. We have seen too many stories of overnight wealth and overnight ruin, not to mention that your own background is not clean…

Therefore, I have rarely seen anyone in the crypto circle who became wealthy and managed to secure their funds; why should it be you…

In fact, the focus of today’s discussion is not on this. I just want to tell you one thing: securing funds is a matter of only 0 and 100. No matter how much you earn, as long as you make one mistake, it could lead to irreversible consequences, especially for those who have made a lot of money.

Why can I guarantee the safety of your funds? Because I have not withdrawn a single USDT from the exchange, as even the cleanest money in the exchange has its issues. Why do I say this?

You go to buy USDT, and everything seems normal. But if you lose everything, you can report it to the police, and they will only trace the flow of funds. It leads to the coin dealer. Therefore, the chances of the exchange freezing your assets are very high.

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