A Chinese student, Yang Qichao, has been sentenced to 4 years and 6 months in prison and fined 30,000 yuan ($41,000) for issuing a fraudulent cryptocurrency, BFF, on Binance's BNB Chain.
This marks China's first criminal trial involving #cryptocurrency issuance. Yang was accused of injecting and then withdrawing liquidity from $BFF, causing its value to plummet and leading to significant losses for investors. The trial highlighted the complexities surrounding the legal status of virtual currencies in China.
