ChainCatcher Message, recently the Tianjin police disclosed a new type of scam involving "virtual currency investment and offline transactions." The police have sorted out the case and found that the so-called "U Coin" investment is just a guise, while the so-called "U Merchants" are groups that help scammers transfer funds.

It has been found that since July of this year, the criminal group has used the banner of so-called "U Merchants" to commit over 10 crimes in Tianjin and surrounding provinces and cities, involving an amount of over 500,000 yuan. Currently, 4 members of the group have been legally arrested by the Tianjin Wuqing District People's Procuratorate.