A college student was sentenced to 4 years and 6 months and fined 30,000 yuan for issuing Tugoucoin and withdrawing the pool

BlockBeats news, on June 6, according to The Paper, "post-00" college student Yang Qichao issued a virtual currency referred to as BFF on an overseas public chain, and was imprisoned for withdrawing liquidity. The procuratorate accused him of issuing fake virtual currency, and after others were misled to recharge 50,000 USDT coins, Yang Qichao quickly "withdrew 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 in the first instance, sentenced him to 4 years and 6 months in prison, and fined him 30,000 yuan. Relevant 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 losses are borne by oneself", this case of issuing virtual currency and withdrawing liquidity was brought to court as a criminal case, which is the first case in China.

Original link https://m.theblockbeats.info/flash/252572 (https://m.theblockbeats.info/flash/252572?from=telegram)