Shocking! Young students inadvertently break the law in the field of virtual currency!
A young student born after 2000, Yang Qichao, launched a virtual currency named BFF on a distant overseas public chain platform. However, his sudden withdrawal of funds from the LP liquidity pool brought severe legal consequences upon himself.
Recently, on February 20, 2024, the People's Court of Nanyang High-tech Industrial Development Zone in Henan Province made a first-instance judgment, finding Yang Qichao guilty of fraud and sentencing him to four years and six months in prison, along with a fine of 30,000 yuan.
According to the prosecution, Yang Qichao meticulously planned a virtual currency scam. He fabricated a virtual currency to lure unsuspecting investors into mistakenly believing in it and investing up to 50,000 USDT. However, after the funds were received, he quickly withdrew the money from the liquidity pool, resulting in equivalent financial losses for the investors, constituting fraud.
In response to the charges, Yang Qichao attempted to defend himself by portraying himself as a “victim”: “I just took back the money that others had previously ‘cut’ from me; I also suffered losses from others ‘cutting’ me.” His words revealed a sense of helplessness and resentment.
The incident has sparked strong reactions across society. We can't help but ask, as young people pursue innovation and wealth, should they also pay more attention to the boundaries of the law and the bottom line of ethics? In the face of this emerging field of virtual currency, how should we find a balance between exploration and risk? This case undoubtedly serves as a wake-up call, reminding us that while pursuing our dreams, we must also maintain a clear mind and a strong legal awareness.
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