In a striking case of cryptocurrency fraud, Yang Qichao, a post-00 college student from Zhejiang, China, has been sentenced to four years and six months in prison. Yang was found guilty of issuing a fraudulent "Dogecoin" BFF token on the BNB Chain and withdrawing liquidity, causing significant financial losses for investors.
📰 **The Incident:**
Yang Qichao, born in 2000 and a senior student at a university in Zhejiang, was involved in a community autonomous organization called District Future DAO. In early May 2022, he created the BFF token, mimicking the English name of District Future, and added substantial liquidity of 300,000 BSC-USD and 630,000 BFF tokens.
⚠ **The Fraudulent Act:**
When Yang added liquidity, an investor named Luo exchanged 50,000 BSC-USD for 85,316.72 BFF coins. However, just 24 seconds later, Yang withdrew the liquidity, leaving Luo with only 21.6 BSC-USD for his 81,043 BFF coins. This sudden withdrawal caused Luo significant losses.
🚨 **Legal Consequences:**
Luo, tracing the source of the fraud through a mutual WeChat friend, confronted Yang, demanding a refund which was refused. Luo then reported the incident to the police, leading to Yang's arrest in Hangzhou, Zhejiang. The People's Court of Nanyang High-tech Industrial Development Zone in Henan Province found Yang guilty of fraud, sentencing him to four years and six months in prison and imposing a fine of 30,000 yuan.
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