Chinese court ruling: Withdrawal of liquidity from the issuance of Tugoucoin constitutes a crime

The judgment of the People's Court of Nanyang High-tech Industrial Development Zone in Henan Province, China shows that a criminal trial on the issuance of Tugou tokens occurred in the country. Yang Qichao, 24, issued a token called BFF on Binance Smart Chain (BSC). Because he withdrew liquidity, the victim surnamed Luo (Luo) lost 50,000 USDT stablecoins, and his behavior constituted fraud.

On February 20, the People's Court found Yang Qichao guilty of fraud in the first instance and sentenced him to 4 years and 6 months in prison and a fine of 30,000 yuan. This case is also the first criminal lawsuit in China involving the issuance of tokens.

According to Chinese media reports, on May 20, the case was tried in the second instance in the Nanyang Intermediate People's Court, and Yang Qichao's defense lawyer still defended him for innocence. The defense lawyer believes that according to China's current laws and regulations, virtual currency investment behavior is not protected by law, both parties are illegal financial activities, and investors should not be protected by law even if they suffer losses. 👀The first instance court's determination is "disguised support for redemption transactions between virtual currency and legal currency", which runs counter to national laws and regulations. #比特币符文总市值创新高 #现货以太坊ETF获美SEC批准 #山寨季何时到来？