Chinese Court Upholds Conviction in 77.76 Million Yuan Virtual Currency Theft via Backdoor Fraud
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最新报道：A Chinese court upheld the conviction of a man involved in a 77.76 million yuan ($10.7 million) virtual currency theft via backdoor fraud. The defendant, surnamed Zhang, exploited vulnerabilities in a trading platform's system to illegally transfer users' digital assets. The Intermediate People's Court in Zhuhai ruled the act constituted theft, rejecting the defense's argument that no physical property was stolen. This landmark case highlights China's strict stance on cryptocurrency-related crimes despite its ban on crypto trading. The court emphasized that virtual assets hold economic value and should be legally protected as property, setting a precedent for future digital currency theft cases.
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