A few days later, I found that third-party payment channels like WeChat and Alipay could not be used while shopping at the supermarket, and the linked bank card was also restricted from transactions—clearly, I encountered a 'frozen card', and what was more troublesome was that the third-party payment account was also frozen simultaneously.
Fortunately, I had never participated in illegal activities; I was just normal trading and withdrawing cryptocurrency, so I did not panic. After contacting various parties, I finally connected with the local investigating police in Anhui, who informed me that my account was involved in a case-related fund, triggering the freezing mechanism, and suggested I cooperate with the local handling.
At that time, it was during the pandemic, and the police did not forcibly require me to attend across provinces, but first asked me to submit relevant proof materials. I immediately organized the complete transaction records with the OTC merchant, chat screenshots, personal cryptocurrency trading details, and income flow, and sent everything to the investigating police officer. I thought these materials would be enough to prove my innocence and that I could wait for my account to be unfrozen, but I received a request for compensation to the victim.
The police explained that since cryptocurrency trading is not protected by law, and the involved funds flowed through my account, I needed to bear the corresponding compensation responsibility. At that time, there were other funds in the card that I urgently needed to use, and after weighing the situation, I could only consider myself unlucky and agreed to the compensation plan. A few days later, all the frozen accounts were finally unfrozen.
This experience made me particularly cautious in my withdrawal operations over the next few years, and I accumulated some practical experience, which I would like to share with everyone:
First, prioritize applying for the MasterCard Hong Kong card. Although there is a certain threshold for opening an account, it has indeed achieved 'zero freeze' usage to date, and many industry bigwigs and experienced players are using it. It essentially belongs to an overseas account, suitable for groups including international students, cryptocurrency players, foreign trade practitioners, and even individuals with credit issues. The only downside is that there will be fees, but compared to the risk of fund safety, this cost is almost negligible.
Second, when choosing traditional exchanges for withdrawals, it is essential to strictly review the merchant's funds. Especially for large transactions, it is necessary to confirm that the merchant's fund flow has been settled for at least three days to avoid touching the 'hot money' of instant arrival. During transactions, you must clearly request the merchant to 'only accept real-name transfers', and if the other party refuses to provide real-name information, directly choose to report to the police, and do not harbor any luck. At the same time, all communication records should be kept as written evidence; do not be afraid of trouble as this is an important proof for protecting yourself.
Third, be cautious when choosing offline withdrawals. This path requires a very high level of trust, and it must be someone you know well to attempt. The risk points of offline transactions are complex and variable, and once problems arise, it is difficult to trace back. Ordinary people should not easily get involved.
Lastly, it must be reminded that cryptocurrency trading itself is not protected by law, and the withdrawal process requires careful steps. If there are questions about applying for and using the MasterCard Hong Kong card, feel free to discuss and exchange ideas; I hope everyone can avoid the pitfalls of fund freezing.
