PANews|Sep 23, 2026 01:56
[Hunan Linwu Police Uncover Virtual Currency 'Pig-Butchering' Scam Case, Two Suspects Detained]
According to a report from the Linwu County Public Security Bureau, police in Linwu County, Chenzhou City, Hunan Province recently uncovered a virtual currency investment scam case, and two criminal suspects have been lawfully detained. Authorities stated that suspect Li used social media platforms to connect with victims, claiming to teach virtual currency investment techniques and promising 'guaranteed profits.' He then lured victims into downloading a designated app, purchasing USDT, and exchanging it for newly issued virtual currencies manipulated by an 'upstream operator.' The suspect allegedly artificially inflated the token price to create the illusion of a price surge, enticing victims to invest more funds, before quickly crashing the market, causing the value of the related tokens to drop to zero. This resulted in a loss of approximately 30,000 yuan for the victim. Li was apprehended on August 19, while Lei, suspected of collecting illicit funds, was arrested on September 17. The case is currently under further investigation.
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