According to BlockBeats, a significant virtual currency theft occurred on August 15 in Yixing, Jiangsu Province, China, involving the loss of 130,000 virtual currency units and resulting in a financial loss exceeding 900,000 yuan for the victim.

The incident began when Ms. Pan, the victim, was guided by an individual named Wang, who claimed to be a blockchain 'master.' Under Wang's direction, Ms. Pan transferred her virtual currency from multiple trading platforms into a personal wallet. However, two days later, all the virtual currency was transferred out of her wallet. Investigations revealed that Wang conspired with others to deceive the victim by creating a fake blockchain project website. This website tricked Ms. Pan into authorizing the binding of her virtual currency wallet, allowing Wang and his accomplices to gain management access to the wallet.

The court found Wang guilty of theft and sentenced him to eleven years in prison, along with a fine.