China Outlaws Crypto Theft: Defendant Prosecuted for Stealing 1.6 Million Yuan from Friend

China Theft: Man Prosecuted for Stealing Crypto Worth 1.6 Million Yuan from Friend

A court in China has taken a severe stance against cryptocurrency theft, as a man accused of stealing digital assets worth over 1.6 million yuan (approximately $230,000) from a friend has been prosecuted.

According to reports, the defendant Chen met the victim Hong through a mutual acquaintance and was entrusted with managing his cryptocurrency investments and account details. However, Chen’s financial situation took a turn for the worse when he suffered losses in futures trading in June 2022, leaving him deeply indebted.

Seizing an opportunity, Chen fabricated a story to convince Hong that his account was offline and obtained various verification codes from him. Subsequently, he changed the login password of the account and replaced the linked email address with his own. This allowed him to gain access to Hong’s digital assets.

Chen then repeatedly used the excuse of “account disconnection” to obtain Hong’s real-time verification code and transferred funds from Hong’s account to his own. He eventually sold the stolen cryptocurrency, profiting significantly from the sale.

In a shocking turn of events, Chen surrendered to the authorities in May 2024 and confessed to his crimes. The case serves as a stark reminder of the importance of secure online practices and the severe consequences that await those who engage in digital theft.

The court has yet to render its verdict, but the prosecution’s decision sets a strong precedent against cryptocurrency fraud and highlights the need for greater vigilance and security measures in the rapidly growing cryptocurrency industry.

Source: http://www.cryptonewsz.com