Wolcott, CT has witnessed a significant incident involving a cryptocurrency scam. A 28-year-old man from Flushing, NY, identified as Xiallong Wang, was charged by the local police with larceny and telephone fraud. This scam cost a victim in Wolcott a staggering $60,000. The details of the case are as follows.

Arrest and Charges

Xiallong Wang was arrested on December 6. Wolcott police stated that he was involved in a scam that utilized a fake “BingX” website. The website supposedly transferred cash into cryptocurrency to purchase gold. A male victim was lured into an online relationship through random text messages by a female. The victim was instructed to invest in gold using the fraudulent BingX account, resulting in a loss of about $60,000.After the victim notified the police of the loss, an investigation was launched. A sting operation was set up to have the suspect come to the victim's home in Wolcott to collect more money. When he arrived, he was placed under arrest and transported to the Wolcott Police Department. He was charged with criminal attempt at second-degree larceny, first-degree telephone fraud, and criminal impersonation.It was later discovered that Xiallong is a Chinese immigrant and was in the US on an expired student visa. After this arrest, the Department of Homeland Security was notified. He was held on a $150,000 bond and transported to Waterbury Superior Court on December 9. He remains in the Whalley Avenue Detention Center on bond.This case serves as a reminder of the importance of being vigilant against cryptocurrency scams and the need for law enforcement to take swift action to protect the public from such fraudulent activities.