If you trade U or other virtual currencies, and the other party claims they didn't receive U or the coins after receiving them, they refuse to give you the cash you brought. Similar situations occur online where after transferring U, the other party refuses to convert it to RMB, claims they didn't receive it, and stops responding to you. The other party's actions constitute fraud, and you can report it to the police citing that you were defrauded of USDT or other assets. After police intervention, they can seize the other party's cash or freeze their card, and it will be returned to you after a court ruling.
However, in reality, trying to file a case can be described as fraught with difficulties. Many friends who have encountered such incidents say that after the incident, they managed to control the other party and sent them to the police station to report it. However, the police response was that they could not file a case. The reason is that the 924 notice from 2021 states that activities related to virtual currencies are considered illegal financial activities, and trading virtual currencies involves self-borne risks. They refuse to file a case citing that trading USDT is not protected by law, leaving you to find your own way.
In fact, some case-handling units have a one-sided understanding of this. The 924 notice from 2021 does not deny the property attributes of virtual currencies; virtual currencies possess value and can be the object of property crimes, falling within the scope of criminal law protection. The actions of the other party actually constitute fraud, which is within the scope of criminal filing.
If you encounter a situation where the police refuse to file a case for you, you can seek the upper-level police and the same-level people's procuratorate to apply for case supervision.
If after encountering such a situation you can control the other party but still can't recover your money... it only shows that you are a docile and honest law-abiding citizen.
