Police in Linwu County, Hunan Province, have detained two suspects involved in a virtual currency investment fraud scheme that defrauded a victim of approximately 30,000 yuan. The operation targeted individuals through social platforms using "pig butchering" tactics, where scammers promise guaranteed profits to lure victims into fraudulent token investments.
Suspect Li allegedly induced the victim to download a specific app and purchase USDT, which was then exchanged for a manipulated token controlled by upstream operators. After artificially inflating the price to simulate gains, the scammers prompted additional deposits before dumping the asset, reducing its value to zero. Li was arrested on August 19, while accomplice Lei, suspected of collecting illicit funds, was detained on September 17 as the investigation continues.
Hunan Police Detain Two Suspects in Crypto 'Pig Butchering' Investment Scam
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