Beware of Traps: Offline Transactions of Virtual Money Are Not Absolutely Safe

Recently, a notable case has drawn people's attention to the security of Virtual Money trading. A woman was deceived by a man claiming to work in a confidential unit during an online dating process, losing a large amount of money for so-called "coin investment". Currently, the individuals involved have been arrested by law enforcement.

This case reveals a new variant of telecom fraud methods. Criminals use online platforms to screen targets, often aiming at women who are financially well-off, single, or emotionally vulnerable. They establish emotional connections to gradually gain the victims' trust and ultimately carry out the fraud.

Unlike traditional bank transfers, in this case, the criminals used a method of "Virtual Money + offline transactions" to transfer funds, which is more covert and demonstrates the criminals' strong ability to evade detection.

In such cases, the scammers will show the victims false returns from investment platforms, inducing them to have an interest in investing. Afterwards, they will claim that investment requires the use of Virtual Money such as USDT, and guide the victims to conduct transactions with virtual money merchants (commonly known as "U merchants") through offline cash methods.

Because the victim opened the account and withdrew cash in person, this step often does not raise suspicion. More deceptively, the victim can indeed receive the corresponding Virtual Money. However, when a large sum of money is deposited into the so-called financial management platform, the victim will find that they cannot withdraw it, and the online romantic partner also disappears.

It is worth noting that although the primary responsibility lies with the fraudsters, some U merchants may also become embroiled in legal disputes. Although U merchants may argue that they are just conducting normal business to earn a profit, the judicial authorities may view this issue from different perspectives.

Especially when U merchants seek customers through certain specific communication software, it is easier to arouse the suspicion of law enforcement agencies. From the perspective of the judicial authorities, these platforms are often associated with illegal activities, and thus it may be determined that U merchants objectively assist in fraudulent behavior.

For U merchants, simply doing KYC (Know Your Customer) is no longer enough to avoid legal risks. In fact, some U merchants may inadvertently become the "scapegoat" for fraudulent crimes.

This case warns us that in virtual money transactions, even offline cash transactions are not absolutely safe. Whether it is ordinary investors or virtual money trading practitioners, there is a need to remain vigilant, enhance risk awareness, and treat every transaction with caution.