The most frustrating moment for people in the crypto world is:
Going to the police station for a small matter, I casually mentioned 'playing with crypto', and the officer immediately became alert, asking where I play, how I trade, and if I have exchanged U;
My bank card was frozen, and when I went to the bank to unfreeze it, as soon as I said it was 'money from playing with crypto', the bank directly told me to contact the police;
Even if a friend is investigated, you, having only done a U transaction once, may also be summoned for questioning by the police.
Many people look aggrieved: I just play with crypto normally and make a little profit; I haven't done anything wrong. Why does the police want to investigate me just because they hear 'playing with crypto'?
1. Core reason: playing cryptocurrencies = high-risk association with involved funds, public security has to investigate.
Let me tell you frankly: we have found in our investigations that the cryptocurrency circle is no longer a simple 'investment circle,' but rather a 'money laundering channel' for fraud, gambling, and other crimes.
Public security receives reports of phone fraud and gambling every day, and most of the time, the stolen money ultimately flows into virtual currencies—money obtained by scammers is exchanged for virtual currency through U merchants, then cross-chain and mixed, making it easy to cover the flow and evade investigation.
Therefore, in the eyes of public security, 'playing cryptocurrencies' is not a simple investment, but rather: highly likely related to involved funds, and there is a high risk of illegal activities.
Just like a case we handled last year: an ordinary player who only occasionally exchanged U on OTC, never did anything wrong, but because the upstream source of his U exchange was a phone fraud group, his bank card was frozen, and he was summoned by the police for questioning, cooperating with the investigation for a full 3 days.
It's not that he did something wrong, but the act of 'playing cryptocurrencies' itself is too deeply bound to involved funds, so public security has to investigate and verify.
2. These 4 types of cryptocurrency behaviors will be closely investigated by public security (high frequency!).
Not everyone who plays cryptocurrencies will be investigated, but as long as you engage in any of the following 4 behaviors, public security will certainly ask more questions and conduct a deeper investigation; in our cases, 80% of people were targeted for these reasons.
1. Being a U merchant or exchange dealer (first and foremost, most easily investigated).
This is the group that public security closely monitors, without exception.
Recently, we handled U merchant Wu, who just wanted to earn a bit of profit, usually receiving and selling U, but was arrested across provinces because he received money from a phone fraudster.
As long as you have worked as a U merchant, whether full-time or part-time, regardless of how much you earn, as long as there have been large exchanges and multiple transactions, the public security system will issue an alert, and it is highly likely you will be investigated—after all, many U merchants themselves do not know whether the money they received is stolen.
2. Frequent exchanges of U and large transactions, unusual turnover.
Many ordinary players do not act as U merchants but frequently exchange U on OTC, or have transactions of tens or hundreds of thousands, with unusual turnover, will also be investigated.
We handled a case: Player Zhang, who usually trades cryptocurrencies and often exchanges U on different platforms, sometimes making 34 transactions in a day, with a turnover of several million. When public security investigated the funds involved, the system automatically alerted them to his account—excessive turnover and frequent transactions were inconsistent with the identity of an ordinary player, raising suspicions that he was helping others transfer money and launder it.
Public security's logic is simple: normal players do not frequently exchange large amounts of U; only those helping others launder money or transfer funds will have unusual turnover.
3. Bank cards frozen multiple times, yet continue to trade cryptocurrencies.
This is the most foolish operation and also the most common 'pitfall' we encounter in our investigations.
Many people’s bank cards are frozen, and the bank reminds them that they are 'suspected of receiving involved funds.' After unfreezing, they continue to play cryptocurrencies and exchange U, resulting in their cards being frozen again, or even being summoned by public security.
Public security is very clear: a single frozen card may be unintentional, but if the card is frozen multiple times and one continues to play, it is highly likely that there is a sense of luck, or even a knowing violation.
4. Using overseas software and dark web to trade cryptocurrencies, deliberately hiding traces.
Many people are afraid of being investigated, so they use overseas encrypted chat software and dark web to trade cryptocurrencies, thinking that by not recording transactions or saving evidence, they can evade regulation.
Little do they know, this will make public security more vigilant!
Public security's logic: playing cryptocurrencies normally does not require deliberate concealment; only those who have done bad things and are afraid of being investigated will hide.
3. What does public security investigate you for? (Don't panic, understand clearly).
Many people, when questioned by public security, panic, thinking they are going to be arrested. In fact, public security investigates you mainly for 3 things; understanding these 3 things and cooperating with the investigation is enough; there’s no need to panic.
Examine your source of funds: Is the money you use to exchange U your own savings, or money transferred from others? Have you received money from unfamiliar accounts?
Examine your transaction purpose: Are you playing cryptocurrencies for your own investment, or helping others exchange U and transfer funds? Have you earned transaction fees?
Investigate whether you are aware: Do you know that the money you received is stolen? Have you been reminded that the funds have issues but continued to trade?
In many cases involving ordinary players we handled, as long as they can prove 'they are normal investors, unaware and did not help others transfer funds,' cooperating with public security to document their statements, most will not face accountability; at most, the frozen funds need verification before they can be unfrozen.
Lastly, let me say something straightforward.
Public security is not targeting cryptocurrency players, but those who 'commit crimes using virtual currencies.'
It's just that now, the cryptocurrency circle is too deeply bound to involved funds, and many people who play cryptocurrencies normally will also be implicated and investigated.
What you think of as 'normal cryptocurrency trading' may be seen as a 'high-risk behavior' in the eyes of public security; what you consider 'earning a bit of profit' may involve stolen money and money laundering.
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