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College Student Sentenced For Fraudulent Cryptocurrency Scheme

06/06 09:47

According to PANews, a college student born after 2000, Yang Qichao, has been sentenced to prison for a fraudulent cryptocurrency scheme. Yang had issued a virtual currency, abbreviated as BFF, on a public chain abroad. He was accused of issuing fake virtual currency and misleading others to recharge 50,000 USDT coins. After the recharge, Yang quickly 'withdrew funds', causing others to lose 50,000 USDT coins. His actions were deemed as fraud by the prosecution. On February 20, 2024, the People's Court of the High-tech Industrial Development Zone in Nanyang, Henan, found Yang guilty of fraud in the first instance. He was sentenced to four and a half years in prison and fined 30,000 yuan. On May 20, 2024, the case was heard in the second instance in the Nanyang City Intermediate People's Court. Yang's defense lawyer still pleaded not guilty on his behalf. The lawyer argued that the virtual currency issued by Yang had a unique and unalterable contract address, so there was no so-called 'fake coin'. Both the defendant and the plaintiff were experienced players in the coin circle and were fully aware of the risks of speculating in virtual currency. Furthermore, the platform allowed for the addition or withdrawal of liquidity at any time, so the defendant's actions did not violate platform rules. The BFF coins held by the victim appreciated after the incident due to increased liquidity. If traded, they could be exchanged for more USDT coins than before, so the victim did not suffer any loss.

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