BlockBeats report: On May 23, the People's Procuratorate of Cangshan District, Fuzhou City, Fujian Province, China, brought public prosecution in a case involving the theft of Bitcoin and illegal profit. In the case, in late 2020, Wang approached Lin and entrusted him with converting his Bitcoin holdings into cash, agreeing to pay a fee upon completion. Instead, Wang became the victim of a meticulously planned case of embezzlement. After gaining access to Wang’s Bitcoin wallet hard drive and laptop, Lin, unable to resist the temptation of substantial gains, gradually developed a greedy desire to keep the assets for himself. Believing that virtual assets are difficult to trace and theft might go undetected, Lin stole the private key and related data from Wang’s Bitcoin wallet and transferred four Bitcoin to his own account, illegally profiting approximately 900,000 RMB. It was not until 2024 that Wang discovered the missing Bitcoin during an asset review and immediately reported the incident to the police.
Prosecutors from Cangshan District in Fuzhou stated that although virtual currencies do not have the same legal status as legal tender, financial institutions and non-bank payment agencies are prohibited from providing services such as account opening, fund transfers, and clearing and settlement for virtual currency-related activities. However, Bitcoin possesses manageability, transferability, and value, meeting the general characteristics of property under criminal law and thus qualifying as an object of property crimes; related infringing acts will not escape criminal liability merely because Bitcoin is not legal tender. The Cangshan District Procuratorate lawfully brought criminal charges against defendant Lin for theft. The Cangshan Court, after trial, sentenced Lin to twelve years and seven months in prison and imposed a fine of RMB 300,000. Lin appealed the ruling, but the Fuzhou Intermediate People’s Court dismissed the appeal and upheld the original judgment.