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      Hunan Linwu police crack virtual currency "pig butchering" scam, two suspects detained

      PANews September 23 news, according to a report from the Linwu County Public Security Bureau, police in Linwu County, Chenzhou City, Hunan Province recently cracked a virtual currency investment fraud case, and two criminal suspects have been lawfully placed under criminal detention. Police said suspect Li met the victim through a social platform and, under the pretext of teaching virtual currency investment skills and promising "guaranteed profits," induced the victim to download a designated app, purchase USDT, and then exchange it for newly issued virtual currency manipulated by an "upstream" operator. The suspect allegedly first artificially drove up the coin price to create the illusion of gains, induced the victim to add more funds, and then quickly dumped the market, causing the value of the relevant token to drop to zero and resulting in losses of about 30,000 yuan for the victim. Li was arrested on August 19, and Lei, suspected of collecting the illicit funds on behalf of others, was arrested on September 17. The case is still under further investigation.


      Source: PANews
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