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Friday, June 7, 2024
HomeCryptoChinese Students Sentenced to Prison for Issuing Altcoins

Chinese Students Sentenced to Prison for Issuing Altcoins

Chinese university student Yang Qichao was sentenced to prison for an altcoin called BFF that he launched on BNBChain.

A 24-year-old university student in China issued a token on BNBChain.

The token was the subject of a lawsuit and a court convicted the Chinese student of fraud.

According to news outlet Thepaper, Chinese university student Yang Qichao launched an altcoin called BFF on BNBChain.

Qichao added liquidity to an altcoin called BFF and then withdrew it, causing the price of the altcoin he issued to drop suddenly.

The court convicted Qichao 4 years and 6 months in prison for the reason that investors lose 50,000 USDT due to liquidity withdrawal.

The court imposed a sentence 30,000 yuan combined with a prison sentence, Yang Qichao and his lawyers argued that he was not guilty of fraud.

Yang and his lawyers argued that the investors who bought the cryptocurrency named BFF were experienced and had been trading cryptocurrencies for a long time.

The lawyers also claimed that investors were well aware of the inherent risks of the BFF token and said:

“These investors are experienced cryptocurrency investors and understand the risks.

Additionally, these investors still hold BFF tokens. At this time, the BFF tokens they held increased in value due to increased liquidity after the event. Therefore, the victim was not harmed.

“There was no fraud involved.”

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Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.


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