Shandong Police Crack Down on Virtual Currency Theft, Suspect Arrested

On October 14, the police in Bincheng, Shandong, China received a report from a citizen named Xie, stating that 1,300 USDC stablecoins and NFTs worth tens of thousands of yuan had been stolen from his digital wallet, with no obvious transfer alerts or phishing links. The police began by investigating the virtual currency transfer records involved in the case, conducting on-chain fund tracing, and sought cooperation with enterprises to analyze the suspect's account. After investigation, a major suspect named Chen (30 years old, from Fengyang County, Chuzhou, Anhui) was identified. On October 9, technical police officers went to Fengyang County and arrested him. Upon arrival, Chen initially denied the allegations, but the police gradually broke down his psychological defenses using blockchain evidence, and ultimately, Chen confessed to the theft. Currently, Chen has been criminally detained in accordance with the law, and his family has actively compensated the victim for the losses. This case marks the first instance of virtual currency theft in Bincheng.