Shock! Young students inadvertently break the law in the field of virtual currency!
A “post-00s” youth student named Yang Qichao launched a virtual currency called BFF on a distant overseas public chain platform. However, his sudden withdrawal of funds from the LP liquidity pool attracted severe legal consequences.
Recently, on February 20, 2024, the People's Court of Nanyang High-tech Industrial Development Zone in Henan Province made a first-instance judgment, finding Yang Qichao guilty of fraud and sentencing him to four years and six months in prison, as well as a fine of 30,000 yuan.
According to the prosecution, Yang Qichao meticulously planned a virtual currency scam. He fabricated a virtual currency, enticing unsuspecting investors to mistakenly trust him and invest up to 50,000 USDT. However, after the funds were received, he quickly withdrew the money from the liquidity pool, resulting in equivalent economic losses for the investors, and his actions constituted fraud.
In the face of the charges, Yang Qichao attempted to defend himself as a “victim”: “I just took back the money that others once ‘cut’ from me; I myself have also been ‘cut’ by others.” His words revealed a sense of helplessness and unwillingness.
This incident has sparked strong reactions from all sectors of society. We can't help but ask, while young people pursue innovation and wealth, should they also pay more attention to the boundaries of law and the bottom line of morality? In the face of the emerging field of virtual currency, how should we find a balance between exploration and risk? This case undoubtedly serves as a wake-up call, reminding us to maintain a clear mind and a strong legal awareness while pursuing our dreams.
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