What is the underlying logic of receiving fraudulent funds when selling USDT on exchanges? (Save to avoid pitfalls)

Today, let's talk about why your card might get frozen on exchanges, how their funding sources are closed-loop, and how the funds from telecom fraud end up in the accounts of retail investors like you.

What is "refined" (or "precise") telecom fraud funds?

These are funds from telecom fraud groups that add victims as friends on various social networking, dating, and e-commerce platforms, engaging in scams under the guise of romantic relationships, and luring victims into various investments, commonly known as "pig butchering."

According to statistics, many victims are concerned about their reputation and often do not report the fraud, hence the term "refined." This behavior is also referred to as "precise chatting."

How are these victims connected to retail investors in the cryptocurrency space? Let me explain in detail. Don't think that selling digital currency on exchanges without freezing your card is safe; most of the funds are of this nature.

These "card workers" mostly come from rural areas, lacking skills, and struggle to make ends meet. They find card dealers (card operators) to work part-time, using a card for 2000-3000 yuan a day, cooperating unconditionally with the card dealers, who provide food and accommodation. The card workers do not know the card dealers and have never met them.

The operator comes into play: they connect with the card dealer online, who remotely controls the card worker and the operator to meet offline. Upon meeting, they test the bank card's limit and status and register on a virtual currency exchange. The operator pays the card dealer about 8500 yuan per person, while the card dealer gives the card worker 2000-3000 yuan, keeping the profit for themselves.

The card workers' phones and bank cards are confiscated.

Personnel configuration: 4 security guards, one driver, one operator, and one security guard controlling 2 card workers.

The fraudster (telecom scammer): Once the operator confirms the card is fine, they directly transfer the fraudulent funds to the card worker's account. The operator then goes to a certain exchange to buy USDT, looking for unverified merchants or third-party payments, immediately transferring the funds to the currency dealer, which can also be a cooperating currency dealer, and then returning the USDT to the fraudster.

The rebate here is 10-15%, meaning if the operator handles 1 million yuan, they make a profit of 100,000 yuan, after deducting the card dealer's fees, security guard wages, and daily expenses.

As long as your card is sufficient, the fraudster's funds continuously flow into the card worker's account.

Additionally, they cooperate with offline currency dealers, who collect cash, and the card workers withdraw cash to hand over to the currency dealers. Of course, there are many processes involved (99% of offline cash currency dealers wash funds this way).

Do you see clearly now? Why would a retail investor have their card frozen, and what connection do they have with these criminal groups?

The intermediary channel is the exchange's currency dealers, and 80% of the funds from these dealers are of this nature. Those claiming their funds are safe are simply victims who haven't reported the fraud.

Currency dealers receive these funds and then place orders to collect USDT. At this point, when you, a retail investor, sell your digital currency, the dealer transfers this money to you. Don't think it's a small probability of receiving this money; rather, the entire liquidity pool of the exchange consists of such funds. How can you avoid this?

Given the massive scale of exchanges, why don't they dare to open a trading area with no-reason freezing compensation? Because if they did, the trading volume might drop to zero, and users would flee.

Why would these card workers sell their bank cards for a mere 2000 yuan to cooperate with the operator in money laundering?

Because card workers are at the bottom of the food chain. Once something goes wrong, they are the first to be held accountable, and they will definitely be held accountable. They can't even afford to eat; if they are poor, they aren't afraid of being held accountable. This is their mindset.

The second type is the bottom-level resistance. A card worker can only be used for one day; once used, they are discarded. They know their fate and are taken away when held accountable.

Thus, the consumption rate is enormous, leading to a mechanism where they can earn a 500 yuan reward for bringing in a new person, essentially recruiting their friends to participate in this scheme.

They watch the operators enjoying life while they can't even afford a phone, creating a psychological gap, leading them to think about how to resist once they are fed.

So, a few of them conspire to run away.

How do they escape? After the fraudster transfers hundreds of thousands to the card worker's account, the operator goes to buy USDT. There is a time lag here; the operator may not be able to buy immediately, so the card worker will constantly look for ways to escape during this time and report the account to the bank as lost.

This leads to a battle of wits. Sometimes the operator fails to buy USDT in time, and the security guards must watch these people to prevent them from escaping. They sleep holding onto the card workers, their phones confiscated, staying awake all night, while the security guards need to sleep. Thus, they can only sleep holding the card workers. If they are careless, and the card worker escapes, they will never be found again.

Later, their response was to drive several vans to remote mountains to spend the night. Even if a card worker escapes, they can't get out of the mountains.

In the mountains, card workers cannot escape, so they prepared chili water. The moment they receive funds from the fraudster, they spray it in the security guards' faces and then scatter to escape.

If one escapes, they feast.

This is an extremely inhumane world; everyone is treacherous. Card workers are at the bottom of the food chain, having lost all sense of humanity because the issue at hand is survival. They know they will likely be caught in half a month, but what can they do?

It's like in the old days of famine; they know eating certain things can be deadly, yet they still do it. The bold ones start to resist, and card workers are no different.

Those with psychological resilience, at the moment they are held accountable, will tell the authorities that the funds entered their accounts due to online gambling withdrawals or loan transactions. Those who can withstand it are no more than 5%. I've seen people go in five times without being held accountable, and they come out to continue their money laundering.

So, when you received dirty money and told the authorities it was from loan transactions, they felt offended, and punishing you was mild.

What I write about is the most real society I've seen; these insights are not found anywhere else on the internet. When you, a retail investor, sell USDT on exchanges, you are actually participating in the entire underworld. Of course, you become the one taking the fall, as you want to maintain your reputation. You are a decent person, and your card is a salary card or a mortgage card; you need to unfreeze it to continue living, while your opponents are desperate criminals. A frozen card? They don't care.

Only you take the fall, and you end up paying for the entire telecom fraud.

Once you understand these things, you will know why your card gets frozen.

It's not enough to just audit the currency dealer's transaction flow;

It's not enough to just look at the currency dealer's registration time;

It's not enough to just check the currency dealer's transaction success rate;

What you can see are just the half-baked truths that bloggers teach you.

Those who criticize me, saying they have sold several times without their cards being frozen, are like holding a torch and safely walking through a gunpowder room. I still think you are foolish.

I wish you wealth soon; come to me for cashing out 🤪

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