BlockBeats report, on October 31, according to recent disclosures by the Supreme People's Procuratorate of China, a man named Wang from Xuzhou, Jiangsu, after learning that USDT trading is illegal in China, hatched a scheme to defraud others of their USDT. Wang had previously purchased USDT from the victim, Xiao, in cash on two occasions. He then gathered several accomplices to conspire, falsely claiming he wished to buy more USDT and arranging a transaction for 1.2 million yuan in cash.
On the day of the transaction, Xiao checked the cash and transferred an equivalent amount of USDT to Wang’s designated address. Subsequently, Wang and others falsely claimed they had not received the USDT, and while Xiao was checking the transfer records, they dropped a suitcase containing 1.2 million yuan in cash out of a second-story window, where accomplices below retrieved it and fled by car; other individuals blocked Xiao from pursuing them.
The prosecution reviewed the case and found that the 1.2 million yuan in cash was always controlled by Wang and others, used solely as a deceptive tool and not the target of robbery. Consequently, the charge was changed from robbery, as initially determined by the public security authorities, to fraud, and the case was brought to court for prosecution. The defense argued that the offense should be classified as contract fraud; however, the prosecutor contended that virtual currency trading constitutes an illegal financial activity explicitly prohibited by the state and therefore falls outside the scope of contract fraud. The trial has concluded, and the court will announce its verdict at a later date.