Chinese Student’s Crypto Fraud Sentencing Sparks Legal Debate
Release: 2024/06/06 19:29 Reading: 386
Chinese College Student Sentenced for Cryptocurrency Fraud
The sentencing of Yang Qichao, a student at Zhejiang University in China, has ignited a legal debate. In 2022, Yang issued a virtual currency token called BFF, which led to allegations of fraud and financial loss for investor Luo.
Background of the Case
In May 2022, Yang created the BFF token on the BNB public chain, providing liquidity in BSC-USD and BFF. Shortly after its launch, Luo purchased 85,316.72 BFF tokens for 50,000 BSC-USD. However, within 24 seconds, Yang withdrew the liquidity in the BSC-USD pair and an additional 507K BFF coins, resulting in a loss for Luo.
Legal Defense and Sentencing
Yang was initially sentenced to 4.5 years in prison and fined 30,000 Yuan on February 20, 2024, for fraud. A second trial was held on May 24, 2024.
The defense cited a 2017 Chinese regulatory law that prohibits token issuance in China, arguing that the issuance of Yang's BFF token was illegal and that any financial risks should be borne by investors themselves.
Additionally, the defense claimed that the BFF coin was not a 'fake' currency, as there were other virtual currencies with the same name but different contract addresses. They also disputed Luo's claim of financial loss, stating that he had realized profits through trading the tokens.
Conclusion
The legal debate surrounding Yang Qichao's case centers on the interpretation of China's regulatory laws and the nature of virtual currency transactions. The outcome of the case could have implications for future cryptocurrency regulations in the country.
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