Techub News reported that the police in Qingshan District, Wuhan City, recently detected a virtual currency transaction fraud case using the "coin chopping" method. The suspects, Ye and Li, falsely claimed that they had not received the virtual currency after the victim Mr. Liu transferred the virtual currency, in an attempt to refuse to pay RMB 200,000. After technical verification and presentation of evidence by the Cyber Security Brigade, the two finally confessed to the fraud, and have now been criminally detained, and all the funds involved in the case have been recovered. The Police reminded that virtual currency trading is an illegal financial activity and is not protected by law. According to reports, "coin chopping" is a new type of virtual currency fraud, the core of which is that after the completion of the virtual currency transfer, the recipient falsely claims that it has not received it, so as to refuse to fulfill the payment obligation, so as to achieve the purpose of defrauding the other party's assets.