Post-00s Issuer of Dogecoin Sentenced to 4.5 Years: A Legal Wake-Up Call Behind the Frenzy in the Crypto World

A Typical Lightning Harvesting Scheme

The main character of the case, Yang Qichao, a post-00s college student, issued a token called BFF, or "Dogecoin." After the token went live and liquidity was added, when investors put in 50,000 USDT, he drained all the liquidity in just 24 seconds, causing the token price to plummet to zero. Investors ultimately could only redeem 21.6 USDT, suffering nearly a 100% loss, a true case of "uprooting" predatory operations.

Three Legal Insights for Participants in the Crypto Space

Platform Rules ≠ Legal Bottom Line: Even if the trading platform allows actions like withdrawing liquidity, if there is a subjective intent to defraud others and it objectively causes significant losses, criminal law will still intervene decisively. Technical rules cannot replace legal judgment.

On-Chain Transparency ≠ Legal Proof: Technical features such as unique contract addresses and verifiable on-chain records cannot absolve intentionally deceptive behaviors. The key to determining whether a crime has occurred lies in the presence of subjective malice and whether actual damage results.

Risk Bearing ≠ Harvesting Excuse: Even if participants are seasoned investors, that cannot justify malicious harvesting. Criminal law protects the legitimate property of all market participants; "risk bearing" is certainly not a get-out-of-jail-free card that crosses legal boundaries.

If someone is confused by market fluctuations and doesn't know how to deal with being trapped, or feels misled during their operations, follow me, and feel free to reach out for discussion! #币安钱包TGE #加密市场回调 @GodHunter #BTC再创新高 $BTC $ETH $BNB