According to PANews, Yang Qichao, 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 prosecutor's office accused Yang Qichao of issuing fake virtual currency, and after others were misled to recharge 50,000 USDT coins, Yang Qichao quickly "withdrew the 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 at first instance and sentenced him to four years and six months in prison and a fine of 30,000 yuan. On May 20, 2024, the case was heard at the second instance of the Nanyang Intermediate People's Court. Yang Qichao's defense lawyer still defended him for innocence, arguing that the virtual currency issued by Yang Qichao 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 and have a clear understanding of the risks of speculating in virtual currency.
