Police have revealed a new type of fraud: the circulation of virtual currency combined with gold cash-out forms a money laundering loop.

Police are warning of a new type of scam involving "offline cash withdrawal + online fraud" emerging as the year-end gold consumption peak season approaches. Victims purchase gold at a jewelry store and have it mailed to a designated address. The scammers then send disguised "drivers" to pick up the package from the courier. Multiple "drivers" then relay the gold to a recycling shop, where it is sold and the cash is delivered to the scammers' designated location. Some scammers also have their "drivers" find cryptocurrency dealers to exchange the gold for virtual currency, which is then deposited into a designated account and circulated globally using blockchain technology. Once successful, the scammers achieve their goal of stealing gold and laundering money. (Central Political and Legal Affairs Commission Chang'an Sword Official Account)