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

GateNews
Enforcement ActionsSecurity Incidents
VIRTUAL-2.37%

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.

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