According to TechFlow, Yang Qichao, a college student born in the 2000s, issued the "Dogcoin" BFF on BNBChain. Because he withdrew liquidity and caused others to lose 50,000 USDT, he was found guilty of fraud by the People's Court of Nanyang High-tech Industrial Development Zone in Henan Province at the first instance and sentenced to four years and six months in prison and a fine of 30,000 yuan.

Yang Qichao, born in 2000, was a senior student about to graduate from a Zhejiang university before the incident. In early May 2022, he noticed a community autonomous organization called District Future DAO, which was conducting preliminary publicity and preheating for the issuance of decentralized virtual tokens. He created a token BFF with the same English name as District Future, adding 300,000 BSC-USD and 630,000 BFF liquidity.

At the same second that Yang Qichao added liquidity, Luo spent 50,000 USDT to exchange for 85,316.72 BFFs. Just 24 seconds later, Yang Qichao withdrew the liquidity of BFF, resulting in Luo only exchanging 21.6 USDT for 81,043 BFFs.

When tracing the source, Luo found Yang Qichao through a mutual WeChat friend. Luo asked Yang Qichao to refund his losses, but was rejected. On May 3, 2022, Luo reported to the police, saying that he was defrauded of more than 300,000 yuan (converted to 50,000 USDT) from his investment in virtual currency. Soon, the police filed a criminal case on suspicion of fraud and arrested Yang Qichao in Hangzhou, Zhejiang in November of that year.