Police Seek Owner of 1.9M USDT Seized in Criminal Case

Police in central China's Hubei Province are trying to locate the owner of a cryptocurrency wallet containing 1.9 million USDT (Tether), valued at roughly 13.56 million yuan (US$1.92 million), after discovering it during searches tied to two criminal cases, according to a public notice issued by the Jiayu County Public Security Bureau in Xianning on December 3.

Authorities said the wallet was found among items seized from the home and rented residence of a suspect surnamed Zeng, who is under investigation for extortion and infringement of citizens’ personal information. While several items have been identified as evidence, police said the ownership of the crypto wallet “remains unclear.”

The bureau has issued a six-month public notice urging the rightful owner, if any exists, to come forward with legal proof of ownership along with valid identification. If no one claims the assets within the deadline, or if no lawful ownership can be established, police said they will forfeit the assets to the state treasury in accordance with Chinese law.

The case comes amid renewed warnings from Chinese financial regulators. Authorities emphasized that cryptocurrencies cannot be used as currency in China, and no agency has approved any activity involving tokenizing real-world assets (RWA). Institutions are prohibited from offering services related to cryptocurrencies or RWAs, the notice said.

Officials also cautioned the public to avoid any involvement in crypto-related speculation, including activities marketed as “mining,” as many schemes constitute illegal fundraising or the unlawful issuance of securities. The public is urged to remain vigilant and “protect their wallets” from fraud and high-risk investments.