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Wuhan Court Upholds Virtual Currency Theft Conviction, Increases Main Defendant's Sentence to 10.5 Years for 660,000 Yuan Loss

GateNews
Enforcement ActionsSecurity Incidents
VIRTUAL-6.52%
According to Procuratorate Daily, China's Wuhan Intermediate Court upheld a virtual currency theft conviction on second trial, increasing the main defendant Lin's sentence to 10.5 years imprisonment. The court recognized the 660,000 yuan theft loss based on the victim's actual payment cost, contradicting the first-instance court's hesitation to determine virtual currency value. Lin, Zeng, and Dai had premeditated the scheme by photographing the victim's wallet private key during cryptocurrency transactions, then covertly logging in to withdraw the funds after transfer. The first-instance court had sentenced them to 8-5.5 years respectively, citing lack of judicial clarification on virtual currency valuation. After prosecution appeal, the second-instance court adopted the principle that actual cost prices and transaction prices serve as standard valuation methods in judicial practice, formally classifying the theft amount as "exceptionally large" and increasing sentences accordingly.
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