Shandong Cracks Cryptocurrency Theft Case, Recovers 1,300 USDC and NFTs

On October 14 that, according to Ping'an Bincheng, the Bincheng Public Security Bureau in Shandong, China successfully solved the locality's first cryptocurrency theft case, arresting suspect Chen and subjecting him to criminal detention in accordance with the law. Case details show that district resident Xie reported that 1,300 USDC stablecoins and NFT digital collectibles worth tens of thousands of yuan were stolen from his digital wallet without triggering any transfer alerts or involving phishing links.

Through on-chain fund tracing and police-enterprise cooperation, investigators analyzed the accounts and ultimately identified and apprehended the suspect Chen, who was hiding in Fengyang County, Anhui Province. Upon arrest, officers utilized the tamper-proof and fully traceable nature of blockchain data to secure evidence. The suspect truthfully confessed to the crime, and his family has fully compensated the victim for the losses.

The police advised that virtual assets are protected by law, and on-chain operations are not beyond legal jurisdiction; users must securely safeguard their private keys and seed phrases.