In today's rapidly developing digital currency landscape, the value and liquidity of virtual currency are increasing, but the problem of virtual currency-related crimes is becoming more severe. Recently, the People's Court Daily published an article titled (Criminal Qualification of Illegal Theft of Virtual Currency), which clearly points out that the act of stealing virtual currency not only constitutes the crime of theft but may also involve the illegal acquisition of data from computer systems. This article provides a more detailed analysis of the legal recognition of virtual currency and offers legal ideas for increasingly complex cyber crimes.
Why does stealing virtual currency constitute the crime of theft?
In recent years, virtual currency has gradually entered the public eye as a new type of asset and has been increasingly recognized as property with actual economic value. An article from the People's Court Daily points out that virtual currency is essentially similar to traditional physical assets, belonging to economic property and possessing value. The value of virtual currency is mainly reflected in three aspects:
Utility: Virtual currency is generated based on a specific technological architecture, and the virtual currency obtained through the “mining” process condenses a large amount of social labor. It has a wide range of uses and can be traded and paid for on various platforms, possessing a certain market exchange value.
Scarcity: Unlike traditional fiat currency, many virtual currencies (such as Bitcoin) have a fixed total supply, making them scarce. For example, the total supply of Bitcoin is capped at 21 million coins, and this design ensures its long-term value stability.
Disposability: Virtual currency is a digital asset protected by encryption technology, stored in a “wallet,” and can only be controlled by those who have the corresponding private key. Therefore, illegally stealing virtual currency is equivalent to stealing property that has economic value and is disposable.
Combining the above three points, the People's Court believes that virtual currency possesses the basic characteristics that traditional property should have, therefore the act of stealing virtual currency should be recognized as theft, and the amount of stolen virtual currency should be determined based on its market value at the time the crime occurred, rather than the price at which the victim initially purchased it.
Why does stealing virtual currency still constitute the crime of illegally obtaining data from computer systems?
In addition to the recognition of theft, the article further points out that the act of stealing virtual currency may also involve the illegal acquisition of data from computer systems. According to our criminal law, if data in a computer system is illegally obtained without authorization, it constitutes a crime. Virtual currency, as a data carrier, fundamentally relies on blockchain technology and the support of computer systems for its existence and transactions, and thus stealing virtual currency essentially means stealing data and information related to virtual currency.
Specifically, the data storage and transfer of virtual currency are based on advanced encryption technology, and all transaction and transfer records exist on the blockchain. The act of illegally stealing virtual currency usually involves illegal intrusion into computer systems, and may even involve cracking encrypted wallets or stealing private keys. Therefore, stealing virtual currency is not only traditional theft of property but also infringes upon the data security of computer systems.
Determining the Amount of Stolen Virtual Currency
The article further explores how to determine the amount of stolen virtual currency. According to traditional principles of determining crime amounts, the value of stolen property usually refers to its market value. However, the price of virtual currency fluctuates greatly, and the amount of stolen virtual currency is also affected by market fluctuations. Therefore, the court believes that the amount of theft should be calculated based on the market value of the virtual currency at the time the crime was committed, rather than the price at which the victim initially purchased it.
For example, if someone is stolen a sum of virtual currency when its price skyrockets, then during sentencing, the stolen amount should be determined based on the market price at that time, rather than the lower price at which the victim purchased it.