The police in Hubei Province have cracked the country's "first virtual currency case," with a transaction amount reaching 400 billion

ChainCatcher news, according to a reporter from the Ping An Hubei public account, it has been learned that the main suspects, including Qiu, involved in a cross-border online gambling case with a transaction amount of 400 billion yuan, have been legally sent for review by the Public Security Bureau of Shayang County, Jingmen City, Hubei Province. The police found that all transactions by the gamblers were settled using a single type of virtual currency. The special investigation team followed the clues and successfully identified multiple virtual currency accounts involved in the case. The team coordinated with the virtual currency issuing institution to freeze the relevant involved virtual currency accounts, preventing the transfer of virtual currency worth 160 million USD (approximately over 1 billion yuan) into the hands of the suspect group.

In October 2022, the Shayang County People's Court made a ruling to legally confiscate part of the frozen virtual currency. This case became the first in the country to have "virtual currency confiscated by court ruling."