Bitrace: Analysis of the Cryptocurrency Transaction Records Related to the Rumored Scam of Actor Wang Xing

Actor Wang Xing’s ordeal in Thailand has shocked the Chinese-speaking online community. During the news cycle, various unofficial messages created significant public attention, including claims that Wang Xing had been traded through a cryptocurrency escrow platform.

On January 10, 2025, a user on social media revealed a screenshot of a chat record from a Telegram group, discussing blockchain escrow transactions involving Wang Xing. The poster claimed that the chat occurred before Wang Xing’s incident, which sparked heated discussions among netizens.

Some researchers believe the chat record is fabricated, and the transaction never took place. However, Bitrace conducted blockchain fund analysis and found that the blockchain transaction corresponding to the chat record indeed exists, indicating that the claim was not entirely fabricated. It is even possible that the victim was indeed trafficked.

Chat Record Analysis

Bitrace, which has been investigating cryptocurrency-related crimes in Southeast Asia for an extended period, is familiar with the region’s crypto-crime landscape. Based on the business logic of escrow transactions, we reorganized all the information appearing in the chat record:

Chat Platform
After the escrow platform’s customer service connects the buyer and seller in the advertisement or public trading group, they create a private group for the transaction. The location in the screenshot is a private trading group.

Screenshot Poster
There are six people in the group, five of whom spoke — these are the buyer and seller. If the screenshot is genuine, the poster must be the group creator, i.e., the escrow platform’s customer service.

Timeline

• 02:31: The buyer and seller start discussing the deposit.
• 02:32: The seller claims, “The person is already in the car.”
• 02:41: The buyer and seller begin evaluating the transaction target “Wang Xing,” but the photo of the victim in the screenshot was posted the previous day at 19:46.
• 03:08: Both parties confirm the deposit has been received.
• 03:10: The group name is changed, marking the transaction as successful.
• 03:12: The chat ends.

Blockchain Analysis

Based on the fund activity model of the escrow platform, Bitrace performed a detailed cryptocurrency fund analysis on the blockchain address TAiv3g shown in the screenshot:

According to BitracePro’s blockchain fund analysis canvas, we did not find a transfer of 14,000 USDT on January 3, the date officially reported for Wang Xing’s disappearance.

However, after reviewing TAiv3g’s transaction history, we successfully found a transaction of 13,928 USDT received on November 19, 2024, at 03:08, which matches the deposit confirmation time in the chat timeline.

Expanding on TAiv3g’s nearby transactions, we found a suspected buyer address TFAbPj, associated with a known cryptocurrency payment platform. The funds were transferred to the business address of the payment platform.

This type of activity has occurred more than once on the escrow platform. The canvas shows at least 10 user addresses from the same payment tool involved in escrow transactions, with amounts ranging from 7,000 to 80,000 USDT, but the transaction details remain unclear.

Fact or Fiction?

The chat screenshot contains several inconsistencies, suggesting that the transaction depicted in the chat does not actually involve Wang Xing:

1. Wang Xing went missing on January 3, but no 14,000 USDT transfer was made on that day.
2. The timestamp of the photo in the chat is incorrect and appears to have been later fabricated.

However, based on Bitrace’s intelligence database, we also found more useful information that confirms the chat record’s existence:

1. According to our prior address tagging, TAiv3g belongs to an escrow platform, and open-source network intelligence indicates that the platform indeed conducts “overseas labor” business.
2. The escrow platform has deep financial ties with another cryptocurrency payment platform.
3. On November 19, 2024, at 03:08, TAiv3g received a deposit of 13,928 USDT, which matches both the time and amount in the screenshot.

Therefore, the chat record is a mix of truth and fiction. The original leaker, based on a real escrow transaction scenario and other information, fabricated the so-called trade involving Wang Xing and posted it online. The motivations behind this remain unclear.

Conclusion

There is no direct blockchain evidence to suggest that actor Wang Xing was sold through the cryptocurrency escrow platform on January 3, 2025, as described in the chat records. The photos and name associated with Wang Xing are fabricated. However, the escrow transaction activity described in the chat record did indeed occur on November 19, 2024, confirming that a transaction involving 14,000 USDT took place in the private group.

That said, if the chat does not involve Wang Xing’s sale on January 3, 2025, then who or what was sold on November 19, 2024?

A chilling thought.

Appendix: What is a Blockchain Escrow Platform?

An escrow platform is essentially a transaction intermediary that helps both parties establish trust and prevents fraudulent transactions. Platforms like Xianyu and Alipay are examples of such tools in non-illegal scenarios.

In the black and gray market transaction sectors, parties engaged in illegal activities also need escrow services to build trust. These escrow service providers typically use the stablecoin USDT. Thus, the blockchain address seen in the leaked screenshot is the escrow platform’s address for collecting transaction deposits. The buyer’s transfer is called “up deposit,” and after the transaction is completed, the same amount is transferred back to the deposit address, referred to as “down deposit.”

Through this method, escrow platforms provide assurance for various high-risk transactions. Southeast Asia hosts numerous such platforms, with a mix of legitimate and illicit activities. These platforms not only help with fraud and gambling-related fund laundering but also assist in trafficking, drug transactions, and other criminal activities.

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