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ETH $1,561.13 -2.99%
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TRX $0.3217 -0.35%
DOGE $0.0810 -2.38%
ADA $0.1596 -1.30%
BCH $215.25 -2.12%
LINK $7.37 -1.65%
HYPE $57.94 -2.63%
AAVE $60.53 -4.10%
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XLM $0.2112 +10.37%
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The second trial of the 660,000 yuan virtual currency theft case in Wuhan, China, has been revised: the main culprit was sentenced to ten years and six months in prison, and the amount stolen was determined based on the actual payment cost incurred by the victim

According to the "Procuratorial Daily," Lin, Zeng, and Dai conspired to use virtual currency trading as a pretext. During the trading process, they secretly filmed the victim's digital wallet private key and, after the virtual currency was credited, secretly logged into the victim's wallet to reverse the transaction, transferring the related virtual currency back to their controlled accounts. The three committed the crime three times, causing the victim a total economic loss of 660,000 yuan.The first-instance court held that in the absence of a clear judicial interpretation regarding the valuation method of virtual currency and sentencing standards, it was inappropriate to directly determine the amount involved as particularly huge based on the victim's purchase amount of 660,000 yuan. Therefore, they sentenced the three based on "other serious circumstances," imposing prison terms ranging from eight years to five years and six months, along with fines. The Hanyang District Procuratorate of Wuhan City in Hubei Province subsequently filed an appeal, which was supported by the Wuhan City Procuratorate.The prosecution argued that the first-instance court applied the law incorrectly and imposed an excessively light sentence. Prosecutor Dai Wentao of the Wuhan City Procuratorate stated that in the case where the victim had a clear loss amount to refer to, it was contradictory and legally erroneous to claim that the value of virtual currency could not be determined. In judicial practice, using the resale price and transaction price as the basis for determining the amount of theft has become mainstream, and determining the value of virtual currency based on the actual cost paid by the victim has factual, legal, and practical basis.The Intermediate Court of Wuhan accepted the prosecution's opinion in the second instance, revoked the corresponding content of the original judgment, and changed the determination of the theft amount to particularly huge. It sentenced the principal offender Lin to ten years and six months in prison for theft, and sentenced the accomplices Zeng and Dai to eight years in prison each, along with fines.

Grayscale: Bitcoin may enter a recovery period in the coming months, but forming a sustainable bottom still requires new buying support

Grayscale's research director Zach Pandl stated that after Strategy disclosed the sale of 32 BTC on June 1, it triggered a new round of volatility in the BTC market. He pointed out that the scale of the sale itself is not important, as Strategy still holds approximately 840,000 BTC on its balance sheet, valued at about $5.5 billion. However, as one of the largest digital asset treasury managers in the world, its strategic shift puts pressure on market sentiment.Pandl believes that more importantly, the recent volatility affects the price of Strategy's variable rate preferred stock tool STRC. STRC is designed to maintain a price of about $100 per share, with a current dividend yield of 11.5%. If the stock price falls below $100, it means investors are demanding a higher return. Strategy can increase dividends, but this will increase future cash flow obligations and may lead to more BTC sales, further suppressing BTC prices. Strategy's leveraged business model is under pressure, increasing volatility across the entire BTC market.At the current levels of STRC and MSTR stock prices, Grayscale believes that Strategy's ability to continue accumulating more BTC is limited. However, Grayscale believes that in the long term, reducing the BTC on the leveraged digital asset treasury balance sheet and allowing more BTC to be distributed across diversified corporate balance sheets will benefit the health of the Bitcoin ecosystem. But before a sustainable bottom for BTC prices is formed, other buyers need to enter the market. Grayscale expects BTC prices to recover in the coming months, but in the short term, BTC's performance may lag behind other segments of the crypto market that directly benefit from regulatory clarity.

Bitget launches the 2026 Global Anti-Fraud Month, focusing on trading security in the multi-asset era

Bitget officially launched the 2026 Global Anti-Fraud Month campaign in June, themed "More Assets, Stronger Protection: Safe Journey in the Multi-Asset Era." As crypto assets, tokenized stocks, AI, and other related products converge on the same platform, the security challenges faced by users have far exceeded those of the single asset era. This is the third consecutive year that Bitget has initiated this security initiative, aimed at helping users enhance their risk awareness in the multi-asset era.According to Interpol data, financial fraud related to the global multi-asset market is expected to cause losses exceeding $442 billion by 2025. As tokenized financial products accelerate their entry into mainstream trading environments, fraudulent methods have expanded from traditional phishing and SMS spoofing to new scenarios such as AI-generated scams, identity manipulation, and malicious smart contracts. Bitget CEO Gracy Chen stated that the financial system is becoming more interconnected, necessitating assistance for users to better identify risks.During Anti-Fraud Month, Bitget will successively release multiple safety science articles and video content, providing in-depth analysis of new fraud trends in the AI and RWA fields. In the later stages of the event, it will collaborate with on-chain security agencies, RWA institutions, and AI industry partners to jointly release anti-fraud reports related to multi-asset trading and AI financial risks, further expanding the coverage of user protection and risk education.
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