First Case of Cryptocurrency Theft Solved, Shandong Bincheng Police Identify Suspect Through On-Chain Fund Tracing

Odaily News: Bincheng Public Security in Shandong, China recently received a report from an individual surnamed Xie, who claimed that 1,300 USDC stablecoins and NFT digital collectibles worth tens of thousands of yuan were stolen from their digital wallet. Police began with the virtual currency transfer records involved in the case to conduct on-chain fund tracing, and through police-enterprise collaboration analyzed the suspect's account, identifying a person surnamed Chen as a prime suspect. On October 9, technical police officers traveled to Fengyang County, Chuzhou City, Anhui Province to apprehend Chen. After being brought in, Chen initially denied involvement, but police gradually conducted interrogation based on blockchain evidence, and Chen eventually confessed to the theft. Currently, Chen has been criminally detained in accordance with the law, and their family has compensated the victim for their losses. This case is the first cryptocurrency theft case in Bincheng.