Important31 Oct 2026 13:49PANews

Supreme People's Procuratorate discloses 1.2 million USDT fraud case: Virtual currency transactions do not fall under the regulatory scope of the crime of contract fraud

A virtual currency-related fraud case involving 1.2 million USDT was recently concluded in Xuzhou, Jiangsu, with procuratorial authorities issuing clear legal definitions for the characterization of the case. In this case, individuals including Wang set up a scam under the pretext of purchasing USDT, defrauding the victim Xiao of virtual currency worth 1.2 million yuan. Initially, public security organs transferred the case for review and prosecution on suspicion of the crime of snatching. After review, the procuratorial authorities determined that the actors' act of using a fake transaction as bait to essentially defraud others of their virtual currency satisfies the constituent elements of the crime of fraud, and accordingly initiated a public prosecution to the court on the charge of fraud.During the trial, the defense counsel submitted a defense opinion that the case should be characterized as the crime of contract fraud, as there are clear differences in the sentencing ranges of the two types of offenses. The public prosecutor explicitly pointed out that the legislative purpose of establishing the crime of contract fraud in the Criminal Law is to maintain the normal socialist market economic order, which requires the content of the involved contract to possess legitimate market economic attributes.Since virtual currency-related transactions are illegal financial activities explicitly prohibited by the state and are not protected by law, fraud acts related to such transactions do not fall under the regulatory scope of the crime of contract fraud, and criminal responsibility shall be pursued in accordance with the law on the charge of fraud. This ruling provides a clear reference standard for the subsequent legal application of domestic virtual currency-related fraud cases.

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