From Account Freezing to a Clean Exit: My 3-Year Practical Summary, Cashing Out in the Crypto World is More Important than Making Money
In the deep autumn of 2020, my bank card was suddenly frozen, and 500,000 USDT along with the original 200,000 living expenses in the card were all marked by the police as "involved funds." The customer service's statement, "Involved in a SA case, funds have been controlled," felt like an ice pick stabbing into my heart. That money was meant to be the down payment for buying a house for my parents.
In the end, I was forced to sign an agreement to "compensate the victim 150,000" to unfreeze my account. Since then, I completely understood: the most ruthless part of the crypto world is not the plummeting prices, but that you can earn money yet not be able to access it.
After three years of practical experience, I have summarized this cashing out survival guide. I hope you never have to use it, but you must know it.
1. Hong Kong cards are the most reliable cashing out channel
Hong Kong cards bypass the mainland banking system, avoiding freezing risks
Can be linked to exchanges, directly converting to Hong Kong dollars, cashing out or remitting back to the mainland
Recommended banks: Bank of East Asia, Dah Sing Bank, low threshold, simple procedures
Control each cashing out amount to within 500,000 HKD, processing in batches is safer
2. When using C2C to cash out, you must adhere to 3 iron rules
- **Screen merchants:** Check transaction records, verify real names, choose old accounts, refuse hot money accounts and new empty accounts
- **Keep evidence:** Note down "virtual goods transaction funds," chat records to prove the legality of fund sources, and video evidence for transactions over 50,000
- **Don’t rush to move after receiving:** Wait 3 days before moving the funds after they arrive, to avoid related freezing, keep subsequent transfers within 20,000, and process in a scattered manner
3. For offline transactions, even acquaintances should be cautious
Amounts over 50,000 may involve aiding and abetting crimes, which is extremely risky
Small amounts must be traded in bank lobbies, ensure funds arrive before releasing coins, and record the entire process
4. Don’t relax after cashing out, learn to "clean traces"
Disperse funds into family or backup accounts
Handle through consumption, financial management, etc., to rationally beautify transaction records
Backup all records and screenshots for 5 years, which is key to proving your innocence in the future
That account freeze cost me 150,000, and almost affected my child's schooling. From then on, I would rather earn 10% less than to take the safest path.
The money in the crypto world can be as crazy as it is when earned, and as awkward when cashing out. The numbers in the account are an illusion; only what you can actually pocket is profit.
May every penny you earn be safely pocketed.
