Chinese College Student's Cryptocurrency Fraud Conviction Raises Legal Debate

中国大学生加密货币欺诈定罪引发法律争议

Background

背景

In 2022, Yang Qichao, a student at Zhejiang University in China, issued a virtual currency token, BFF. However, shortly after its issuance, Qichao withdrew liquidity, causing an investor, Luo, to lose 50,000 BSC-USDT coins exchanged for the tokens. Luo subsequently filed a complaint, leading to Qichao's arrest and conviction for cryptocurrency fraud.

2022年，中国浙江大学学生杨启超发行了虚拟货币代币BFF。然而，发行后不久，七超就撤回了流动性，导致投资者罗某损失了兑换该代币的 50,000 个 BSC-USDT 币。罗随后提出申诉，导致其超因加密货币欺诈被捕并被定罪。

Legal Concerns

法律问题

Qichao's sentencing to 4.5 years in prison and a 30,000 Yuan fine has sparked legal debate. Allegations of fraud surrounding the creation and trading activities of the BFF token have raised concerns.

启超被判处有期徒刑4.5年，并处罚金3万元，引发法律争议。围绕 BFF 代币的创建和交易活动的欺诈指控引起了人们的担忧。

Yang Qichao's Defense

Yang Qichao's Defense

Qichao's defense attorney has cited a 2017 Chinese regulatory law that states token issuance is illegal and risks borne by investors. However, the law does not explicitly define "token issuance."

启超的辩护律师引用了2017年中国监管法，该法规定代币发行是非法的，风险由投资者承担。然而，法律并没有明确定义“代币发行”。

Additionally, the defense has argued that BFF coins existed before Qichao's issuance, and virtual currency platforms allow for multiple coins with identical names but unique contract addresses and liquidity.

此外，辩方还辩称，BFF 币在七潮发行之前就已经存在，虚拟货币平台允许多个具有相同名称但具有独特合约地址和流动性的币。

Furthermore, the defense has refuted the prosecution's claim that Luo lost money, asserting that he profited from trading the virtual currency.

此外，辩方驳斥了检方关于罗损失金钱的说法，声称他通过交易虚拟货币获利。

Conclusion

结论

The case of Yang Qichao has highlighted the legal uncertainties surrounding cryptocurrency regulation in China. The debate underscores the need for clear guidelines and definitions to prevent future legal disputes in this rapidly evolving industry.

杨启超案凸显了中国加密货币监管的法律不确定性。这场辩论强调需要制定明确的指导方针和定义，以防止这个快速发展的行业未来出现法律纠纷。