Buy Crypto
Pay with
USD
USD
Buy & Sell
Hot
Supports Visa, Mastercard, SEPA & more
P2P
0 Fees
Flexible trading, zero fees
Gate Card
Use your crypto for payments worldwide
P2P Loan
Grow your wealth in fiat investment
Markets
Trade
Basic
Advanced
Futures
Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Earn
Launch
CandyDrop
tag
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Investment
Square
Square
Post, share, and explore crypto trends
Live
moments live
Live crypto market analysis
Chat
Chat with crypto traders
News
What is happening in crypto
flower_head
More
Promotions
AI
Others
TradFi
WCTC S8
Rewards

Chinese Police Dismantle Telecom Fraud Ring Targeting Minors, Seize 140,000 Yuan and 2M Virtual Currency

GateNews
Enforcement ActionsSecurity Incidents
VIRTUAL-1.71%

According to BlockBeats, Chinese police in Linyi, Shandong dismantled a telecom fraud ring targeting minors on May 17, seizing approximately 140,000 yuan in illegal proceeds and 2 million in virtual currency. The gang conducted over 200 confirmed fraud cases nationwide, with perpetrators extracting approximately 20% commission from stolen funds.

The scheme lured minors by offering free game skins and equipment, tricking them into using parents’ phones with screen-sharing enabled for remote-controlled fund transfers. Stolen money was then laundered through utility bill payments. Upstream fraud platforms settled funds using virtual currencies.

View Source
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

Related News

2h ago
Shandong Police Dismantle Fraud Ring Targeting Minors, Seize 20,000 Virtual Currency
3h ago
Mainland Man Detained in Hong Kong on May 14 After Crypto Loss of About $70,000 USD
3h ago
Ningbo Customs Seizes 400+ Mining Machines in Smuggling Operation on May 17
21h ago
China's Police Warn of Fraud Targeting Minors Using Virtual Currencies for Cross-Border Money Laundering
05-16 03:16
Mainland Man Loses 500,000 Yuan in Cryptocurrency Investment, Intercepted by Hong Kong Authorities on May 14
In-Depth Analysis

Hong Kong’s first CRS criminal conviction: false reporting sentenced to 6 months in prison, with crypto assets included in mandatory reporting

Market Whisper05-15 05:40

Ripple’s CTO warns XRP users: Airdrop and giveaway scams surge sharply

Market Whisper05-15 03:04

Myanmar plans to use “the death penalty” to punish violent offenders at crypto scam centers; the bill will be submitted to the parliament in June

Market Whisper05-15 01:52
Comment
0/400
No comments