A Chinese university student, Yang Qichao, has been sentenced to prison by a Chinese court for creating an altcoin named BFF on the BNBChain platform. The student, aged 24, launched the token, which led to a lawsuit due to alleged fraud.
According to reports from the local news agency Thepaper, Qichao added liquidity to the BFF altcoin and then withdrew it, causing a sudden drop in its price. As a result, an investor reportedly lost 50,000 USDT, leading to the court’s decision to sentence Qichao to 4 years and 6 months in prison.
Despite the court’s ruling, Qichao and his legal team maintained that there was no fraudulent intent. They argued that the investors who purchased the BFF token were experienced in cryptocurrency trading and were aware of the risks involved. The lawyers emphasized that the investor in question still held BFF tokens, which increased in value after the incident, ultimately resulting in no harm to the victim.
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