Wuhan police have cracked a new type of virtual currency fraud case known as "chopping coins" and successfully recovered a loss of 200000 yuan

According to the Ping An official account of Wuhan, the police in Qingshan District of Wuhan City recently cracked a fraud case of virtual currency transactions using the "money chopping" technique. Suspects Ye and Li falsely claimed not to have received the virtual currency transferred by victim Liu, attempting to refuse payment of RMB 200000. After technical verification and evidence presentation by the cybersecurity team, the two individuals ultimately confessed to the fraud and have been criminally detained. All funds involved in the case have been recovered. The police remind that virtual currency transactions are illegal financial activities and are not protected by law. It is reported that "chopping coins" is a new type of virtual currency fraud method, whose core is that after completing a virtual currency transfer, the recipient falsely claims not to have received it and refuses to fulfill their payment obligations, in order to deceive the other party's assets.