The first criminal case of issuing virtual currency caused controversy: Big Brother cut me, so I want to be the banker!
Yang Qichao, a college student born in the 2000s, issued a virtual currency called BFF on an overseas public chain, and was imprisoned for withdrawing liquidity. The procuratorate accused him of issuing fake virtual currency. After others were misled to recharge 50,000 USDT coins, Yang Qichao quickly "withdrew funds", causing others to lose 50,000 USDT coins, and his behavior constituted fraud. On February 20, 2024, the People's Court of Nanyang High-tech Industrial Development Zone, Henan Province, found Yang Qichao guilty of fraud in the first instance, sentenced him to 4 years and 6 months in prison, and fined him 30,000 yuan.
On May 20, 2024, the case was heard in the second instance at the Nanyang Intermediate People's Court. The Paper learned that in the second instance, Yang Qichao's defense lawyer still defended his innocence.
The defense believes that the virtual currency issued by the defendant Yang Qichao in this case has a unique and unalterable contract address, and there is no so-called "fake currency". The defendant and the reporter are both senior players in the currency circle. They have been engaged in virtual currency trading for a long time and have a clear understanding of the risks of speculating in virtual currency. In addition, the platform allows liquidity to be added or withdrawn at any time, and the defendant's behavior does not violate the platform rules. The BFF coins held by the victim appreciated due to increased liquidity after the incident. If the transaction can be exchanged for more USDT coins than before, the victim will not suffer any losses. #山寨季何时到来？ #BTC走势分析
