The entire process of the black industry chain for coin merchants on the exchange has been exposed again.

Every day, many frozen card holders come to consult me, and the cases are almost the same. In the past two days, one person encountered a situation where 160,000 RMB and another encountered a situation where 200,000 RMB were frozen.

In fact, the methods of these people are not so clever. They rely on a large number of coin merchants. From the start of work in the morning until 10 o'clock in the evening, all the coin merchants you can see on the C2C page are these scammers. Yes, you read that right. What you see as "business" and "trade" are all coin merchants laundering money. Have you seen it clearly? All the coin merchants in the C2C area are their people.

Each person owns 2-5 coin merchant accounts, and the deposit for the account is negligible. They break even with each transaction.

Today, I organized the case for the paying consulting user. It was his first time selling digital assets, and he had no idea about these tricks.

Let's take a look at the modus operandi of these scammers:

You randomly find a merchant on the C2C page of a certain exchange, and they will call you directly to say that the card has reached its limit for various reasons. They will ask you to add them on WeChat. After adding them on WeChat, they will ask you to place an order at another store, and then they will transfer the payment to you. This payment is actually connected to the telecommunications fraud, and the victim will directly transfer the money to you. Their profit is over 55%, which means they break even with each transaction.

The next day after your card is frozen, you go to appeal (most people do not appeal, and their reasons for appeal are that they received black money and their card was frozen, or the non-real-name payment, and the coin merchant account was restricted by customer service, and your appeal will not be satisfied), and you abandon the coin merchant account.

The correct reason for appeal is: "I did not receive the payment from the coin merchant."

At this point, the coin merchant cannot provide any payment evidence because the victims have reported to the police, and they will not cooperate with the telecommunications fraud group to provide screenshots or transaction records. You can request the coin merchant to provide paper transaction records printed from the bank, or a photo of their ID card, and the coin merchant's personal information. They simply dare not provide this information, and they cannot provide it. I will explain this logic in the following text.

Based on the consultation and commission of the fans, we have slowly helped the principal to organize the case.

Exposure process:

At 18:23 on August 9, 2024, the principal used the C2C selling function of a certain exchange to match a merchant with the nickname "阿伟安全商行" (Merchant's real name: 陶举伟, phone number ending in 3503). The merchant called and said:

"I just tried to transfer to you, but it didn't go through. It may be that the daily transaction volume is too large, and the daily limit has been reached. Let me use another card to transfer to you!"

"My card has reached its limit. I used my family member's card to transfer to you. You can release the U to me after you receive the money."

At this point, the principal didn't mind and agreed. The phone number 3503 used here is also a secondary number and is not real-name registered.

The principal is a financial staff member, and due to work reasons, every call that comes in is automatically recorded. This is a very good habit, and this voiceprint will eventually be the downfall of this fraud group.

After the principal agreed, the other party said, "Brother, you can release the coins to me after you receive the money. Then I will transfer the money and send you the bank certificate with a steel stamp. I will use my family member's card to transfer to you right away."

"Brother, let me tell you something. Because the limit for this account is reached today, why don't you place an order at my other store, and I will give you a slightly higher price."

The scammer gradually dispelled the principal's concerns, and then provided a phone number for the principal to add him on WeChat (hyh22****81).

I now want to break the case based on this phone number and WeChat ID. As it turns out, I am still too young. I found the name associated with this phone number through an Alipay transfer, and the last character of the name is "航" (háng). The combination of "hyh" in the WeChat ID indicates that the surname starts with "H" and ends with "航" (háng). So it is easy to understand that the name is H宇航 (H Yǔháng), and the number starting with "22" is basically a QQ number.

Through trial and error, I found that the surname starting with "H" could be 黄 (Huáng), 胡 (Hú), 何 (Hé), and surprisingly, it was the less common surname 惠 (Huì). This confirmed the name as 惠宇航 (Huì Yǔháng), and the Alipay receipt also confirmed this.

So I called 惠宇航 directly and asked if he was a coin merchant on the exchange. As a result, the other party was completely confused. I was afraid that the other party would hang up, so based on experience, I directly asked, "Are you a college student?"

Sure enough, the other party was a college student. I softened my tone and comforted him, and advised him to turn himself in.

So this lead was cut off. This coin merchant criminal group has a mature modus operandi. The phone card is not real-name registered, and the WeChat used for communication is invalidated after one use.

They use a main account to receive orders and a secondary account to complete transactions, which has debunked many bloggers' claims about the number of transactions and registration dates being useless data.

There are also many large merchants who only place orders without making payments. After you place an order, they will send you a link from a secondary account, which will lead to the secondary account being blocked, while the main account continues to receive orders.

How are secondary account coin merchant accounts obtained?

It's simple. Just find college students to register part-time. Give them ten yuan to register an app, and there will be plenty of college students willing to help you register.

You may wonder how these black coin merchant accounts are obtained, given the strict review process and the need for a guarantor. Just a few days ago, someone wanted me to register exchange accounts in bulk, and was willing to pay 30,000 RMB. I hesitated during the payment, otherwise, it would have been my salary.

If you were a member of the exchange management, how would you prevent this from happening?

It's simple. Just freeze all non-real-name payments and the entire team of guarantors.

But why don't they do this? Instead, they freeze a secondary account with a deposit of 20,000 U.

Because this is where the profit lies, freezing one account means 20,000 U.

What if the management of this department is the one doing the wrong thing? You register a coin merchant account, and I give you a merchant account. Isn't that terrifying?

There must be senior members of the exchange involved in this.

In this game of deception, don't say that you can walk away unscathed. The reason you haven't been scammed yet is because you haven't reached the level that is worth being targeted. At this stage, there are too many naive retail investors, and they are simply too busy to be scammed. What does it mean to be scammed 100 times a day? If one transaction is 200,000 RMB, that's a capital volume of 20 million RMB.

And I want to tell you that in the current bull market, this volume is far from being the only one. It's probably hundreds or thousands of times more. I can't even imagine it.

And this capital will flow back into the platform, and after the retail investors sell, the capital will flow back into this circle to legitimate coin merchants, and then into the cards of retail investors, resulting in third-party and fourth-party black money.

In the end, the retail investors will refund the victims. These seemingly legitimate coin merchants are actually victims of third-party and fourth-party black money. Retail investors don't give you negative reviews for no reason, and foreign currency will also be frozen.

The situation of negative reviews is that the coin merchant received telecommunications fraud money and then transferred it to the retail investor, resulting in the retail investor being frozen and giving a negative review. The merchant's defense is weak. Even if it's a malicious negative review, have you resolved it?

So, finding a coin merchant who is familiar, trustworthy, and can promise and deliver full compensation for frozen cards without reason is the core resource for your journey in the blockchain world.

Follow and understand the legal regulations of the encryption circle, stay away from illegal activities, take the right path, and consult for issues related to bank card judicial freezing, two-card punishment appeals, coin merchant OTC, and safe U withdrawals. Welcome to inquire about withdrawal options on the main page.

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