Chinese Student Received a Prison Sentence for Cryptocurrency Scam, This is How He Defended Himself

A young university student in China was sentenced to prison for launching cryptocurrency.

A 24-year-old university student in China caused investors to lose thousands of dollars. The young name was sentenced to prison for fraud.

Binance used Smart Chain

According to local sources, Yang Qichao, a senior university student in Zhejiang, launched a crypto token called BFF using Binance Smart Chain in May 2022.

Qichao later added liquidity to the token and withdrew it in a short time. This led to a sudden drop in the price of BFF.

A person who deposited 5,000 USDT into BFF saw his investment melt away within seconds.

continues to defend

Yang was arrested in November 2022 and sentenced to four years and six months in prison by the court in Nanyang. The young man was also fined 30,000 RMB (4,140 USD).

The defendant claimed that the BFF buyers were experienced cryptocurrency traders, knew what risks the BFF token posed, and which smart contract they used. For these reasons, it was argued that Yang did not commit fraud.

In addition, it was stated that the investor whose investment value decreased did not lose his money because he still held the tokens.

The second trial started in May 2024. The defendant continues to argue that Yang is innocent.