TechFlow news, on May 26, according to Hubei cyber police, police in Luotian County, Huanggang City, Hubei Province recently cracked a fraudulent investment scam involving over one million yuan. The criminal gang lured victims on social platforms by posing as a "boyfriend officer," carried out fraud under the guise of investment and financial management, and used USDT (Tether) for money laundering.
Police investigations revealed that the gang exhibited the characteristics of "overseas command, domestic execution." Gang members collected cash offline, purchased USDT, and transferred it to online wallets, exploiting the anonymous nature of cryptocurrency to evade supervision. So far, police have arrested four suspects, recovered 130,000 yuan in losses, and frozen 300,000 yuan in suspicious funds. The case is under further investigation.
