Shanghai Police Dismantle Crypto Wallet Fraud Scheme

A major crackdown by Shanghai authorities has dismantled a complex cryptocurrency fraud scheme, targeting overseas scammers with an elaborate ‘labor recruitment’ tactic. The operation led by individuals Miao and Wang saw suspects register virtual currency wallets for later sale to international criminals. This case sheds light on the growing threat of tech-driven financial crime as law enforcement agencies work to combat these emerging fraud methods.