The first criminal case involving the issuance of virtual currency has caused controversy: Does the withdrawal of liquidity and the loss of currency speculation constitute fraud? ?

Yang, a college student born in the 2000s, issued a virtual currency called BFF on an overseas public chain and was jailed for withdrawing liquidity.

The procuratorate accused him of issuing fake virtual currency. After others were misled to recharge 50,000 USDT coins, Yang 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 guilty of fraud in the first instance and sentenced him to 4 years and 6 months in prison and a fine of 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'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In addition, the platform allows liquidity to be added or withdrawn at any time, and the defendant's behavior does not violate the platform rules.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.

Relevant lawyers introduced that in the case where my country's laws and policies have not yet recognized the legality of virtual currency and "investment in virtual currency losses are borne by oneself", this case of issuing virtual currency and withdrawing liquidity has been brought to court as a criminal case. This is the first case in China. #山寨季何时到来？ #5月非农数据即将公布