Guizhou Police Crack Down on USDT Fraud Case: Suspect Defrauds Victims of 7118 USDT Using "Read-Only Wallet" Scam

SmartContractAuditor · 2026-03-20T14:35:50+00:00

Police in Guizhou Province, China have uncovered a virtual currency fraud case in which a victim was defrauded of 7118 USDT in a transaction. The scammer gained trust by using "read-only wallet" and cash display tactics. The case is currently under further investigation, and police warn that virtual currency trading carries extremely high risks.

SmartContractAuditor

2026-03-20 14:35:50

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Odaily Planet Daily reports that police in Wanshan, Tongren City, Guizhou Province, China, recently uncovered a virtual currency trading scam. The victim, Chen, was scammed out of 7,118 USDT (equivalent to over 50,000 yuan) when the scammer, Tan, used a “read-only wallet” (a wallet address that can only receive and view funds) and cash display to deceive him during an offline transaction.

According to investigations, Tan first gained trust by showing cash, then immediately transferred the USDT after Chen transferred it into the “read-only wallet,” and then denied everything. The case is still under further investigation.

The police remind the public that virtual currency-related activities are illegal financial activities with high risks; offline cash displays may be scams; always verify the authenticity of wallet addresses before transferring funds. (Guangming Online)

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