Still saying that issuing Tugou is risk-free? A college student was sentenced to 4 years and 6 months and fined 30,000 yuan for issuing Tugou coins and withdrawing the pool

On June 6, according to The Paper, 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 procuratorate accused him of issuing fake virtual currency, and after others were misled to recharge 50,000 USDT, Yang Qichao quickly "withdrew funds", causing others to lose 50,000 USDT, and his behavior constituted fraud.

In the same second that Yang Qichao added liquidity, Luo spent 50,000 BSC-USD to exchange for 85,316.72 BFF coins. Just 24 seconds later, Yang Qichao withdrew the liquidity in the BFF coin and obtained 353,488.115 BSC-USD and 508,069.878 BFF coins. The operation of withdrawing liquidity caused a sharp depreciation of BFF coins in the liquidity pool. Luo only exchanged 21.6 BSC-USD with 81,043 BFF coins.

If the issuer withdraws the liquidity in a short time after adding liquidity, it will be regarded as "unkind". Yang Qichao said, "I just took back the points that the big brother cut from me. I was cut a lot."

On February 20, 2024, the People's Court of Nanyang High-tech Industrial Development Zone in Henan Province found Yang Qichao guilty of fraud at the first instance and sentenced him to 4 years and 6 months in prison and a fine of 30,000 yuan.

Related 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 is at your own risk", 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.

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