Founder of RenrenBit, Zhao Dong, Faces 7-Year Prison Term – China Discloses Details
RenrenBit founder Zhao Dong, known as the "OTC King," is sentenced to seven years in prison for unlicensed crypto activities and unauthorized forex transactions. The extensive investigation, involving complex financial transactions, revealed evidence through bank records and chat logs. Zhao's arguments during three public hearings were countered by the prosecutor's presentation of forex-related evidence. The court issued a seven-year prison term and a 2.3 million Chinese yuan fine. China's ongoing crackdown on crypto activities is evident in this case.
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