Beijing

The seminar on the disposal of virtual currencies involved in the case was held in Beijing, with representatives from the Supreme Court, the Supreme Procuratorate, and other departments attending

ChainCatcher news, according to China's Legal Daily, to implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party, and to fully leverage the role of the rule of law in the modernization of the national governance system and governance capacity, a seminar on "Disposal of Virtual Currency Involved in Cases" was held in Beijing on January 19, organized by the Law School of Renmin University of China. Nearly 60 participants attended the meeting, including representatives from the Legislative Affairs Commission of the National People's Congress, the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, as well as legal theorists, lawyers, and business representatives.During the meeting, Wang Tuo, head of the Financial Case Handling Team of the Fourth Procuratorial Department of the Supreme People's Procuratorate, stated:We must face history and reality, and cannot ignore the decisive role of regulatory documents in curbing speculative behavior in cryptocurrencies. At the same time, we should accelerate top-level design to address various issues related to virtual currency crimes.We need to strengthen the coordination between criminal justice and administrative regulation, adhering to the principle of unified legal order.We should strive to reach a consensus on the nature of virtual currencies, especially ensuring that civil and criminal identifications do not contradict each other.We need to establish scientifically reasonable procedural norms to prevent various risks in judicial disposal.We should emphasize the complementary relationship between technology and case handling.

Trump will officially take the oath of office as President of the United States at 1 a.m. Beijing time on the 21st

ChainCatcher news, according to BBC News, Donald Trump will officially take the oath of office as the 47th President of the United States at 12 PM Eastern Time on January 20 (Beijing Time: 1 AM on the 21st).Inauguration Day includes the formal oath-taking ceremony, musical performances, a celebratory parade, and a series of formal balls. The elected Vice President J.D. Vance will also take the oath of office, joining Trump on stage to officially begin the new administration.Trump's second inauguration ceremony will first take place at the historic St. John's Church at Lafayette Square in Washington, D.C., followed by a tea reception at the White House. Musical performances and opening remarks will begin at 9:30 AM Eastern Time (10:30 PM Beijing Time) on the main event stage on the West Lawn of the U.S. Capitol. Following this, Trump and Vance will hold the oath-taking ceremony, and the President will deliver an inaugural address outlining the goals for the next four years. Afterward, Trump will head to the presidential office near the Senate to sign important documents. He will then attend a lunch hosted by the Joint Congressional Inaugural Committee. Following that, the parade will proceed from the Capitol along Pennsylvania Avenue to the White House.Later that evening, Trump will attend three inaugural balls—the Commander-in-Chief Ball, the Freedom Inaugural Ball, and the Starlight Ball. He is expected to deliver speeches at all three events.

Beijing procuratorial authorities have penetrated and cracked down on the money laundering paths of virtual currency, recovering over 89 million yuan in stolen funds

ChainCatcher news, according to the Workers' Daily report, the Beijing People's Procuratorate has released the work situation of the "Procuratorial Protection for Enterprises" special action and published typical cases. In a case of embezzlement, the defendant defrauded the company of over 140 million yuan, and the procuratorial authorities tracked the virtual currency to recover losses.Between 2020 and 2021, Feng, taking advantage of his position at a certain technology company's service provider and regional operations growth department, conspired with Tang and Yang to defraud the company of service provider bonuses totaling over 140 million yuan. Subsequently, Feng directed Tang and Yang to use eight overseas virtual currency trading platforms to convert the involved funds from yuan to virtual currency, obfuscating the source and nature of the funds through overseas "mixing" platforms, and transferring them in multiple layers. Part of the involved funds flowed into accounts controlled by Feng and others in yuan form, while some were concealed by Feng and others in virtual currency form.In response to the defendants' distribution of profits using virtual currency and the obfuscation of fund flows through overseas "mixing" platforms, the procuratorial authorities conducted a line-by-line comparison and two-way review of virtual currency and legal tender, accurately identifying the flow of funds. This ultimately prompted Feng to return 92 bitcoins, recovering over 89 million yuan in illicit gains, maximizing the economic losses recovered for the victimized unit.On September 14, 2024, the Beijing First Intermediate People's Court issued a judgment, sentencing defendant Feng and seven others for embezzlement, with prison terms ranging from 14 years and 6 months to 3 years, along with corresponding fines. The judgment has taken effect.

Beijing High Court: Zhang was sentenced to three years and six months in prison for "obtaining" 106.15 ETH by taking advantage of his position

ChainCatcher news, according to the official account of the Beijing High People's Court, a blockchain engineer named Zhang from a certain internet company, during his participation in the development of a project, learned that there was a large amount of Ethereum in the project account. He developed malicious intentions and wanted to attack the company account to obtain Ethereum. Taking advantage of his work, he requested program codes and private keys from colleagues that exceeded his work authority under the pretext of "code learning."According to Zhang, he had joined a certain "technical exchange group," where members could obtain virtual currency for arbitrage by cracking codes. He shared the code and private keys in that group, inviting a group member named Jack to crack the code and attack the company account, obtaining 106.15 Ethereum. Zhang stated that he planned to "wash" the obtained Ethereum, intending to distribute it after its value increased later. He converted Ethereum into other forms of currency and transferred it through multiple accounts, including his wife's, before transferring it back to his own account. After the company discovered that the virtual currency in the account had been stolen, it quickly reported the case. After the prosecution was initiated by the procuratorate, the Changping Court formed a collegial panel and publicly heard the case.After hearing the case, the Changping Court found that based on the evidence on file, such as the circulation of the involved Ethereum, the extracted Ethereum code address and corresponding private key information from Zhang's computer, and the chat between Zhang and his wife containing "washing coins" and related witness testimonies, it was sufficient to determine that the defendant Zhang violated regulations by soliciting program codes and private keys from others, illegally obtaining Ethereum information from the company's computer system, and profiting from transactions involving part of the Ethereum. Ultimately, the court legally sentenced the defendant Zhang to three years and six months in prison for the crime of illegally obtaining data from a computer information system, and imposed a fine of 60,000 yuan. At the same time, the court ordered the confiscation of the defendant Zhang's illegal gains of 38,329.76 yuan. After the first-instance judgment, the defendant Zhang appealed. The second-instance ruling dismissed the appeal and upheld the original judgment. The case has now taken effect.

Beijing police dismantled a pyramid scheme disguised as an investment in virtual collectibles, involving an amount of over 2.8 million US dollars

ChainCatcher news, according to the Legal Daily, the Economic Crime Investigation Team of the Beijing Municipal Public Security Bureau has publicly reported that recently, the police dismantled a gang that organized and led pyramid selling activities under the guise of investing in virtual collectibles. The case involves over a hundred participants in the pyramid scheme, with an amount involved exceeding 2.8 million USD. The police remind that any activity that requires payment of an "entry fee" under the guise of investment, encourages recruitment of new members, and uses the number of people developed as a basis for compensation is a disguise for pyramid schemes. The general public should recognize the essence of pyramid schemes and enhance their awareness of prevention.According to police investigations, the pyramid scheme organization introduced "game rules" to the public through on-site lectures and WeChat group messages, attracting unspecified individuals to recharge and purchase under the pretext of investing in virtual collectibles, thereby earning profits and causing financial losses to many. Through the analysis and connection of police reports across the city, the police believe that this investment project is suspected of organizing and leading pyramid selling activities.Upon investigation, it was found that the organization had a complete member registration rule, and its profit-sharing model was divided into dynamic and static types. After participants recharge, they settle using virtual currency to obtain "static dividends." In addition, members can also obtain "dynamic dividends" by developing downlines, i.e., through the "recruitment" method.The police remind that some criminals turn "digital collectibles" and "virtual currency" into their own "wealth codes," using the concept and technology of the digital economy as a disguise to engage in illegal fundraising and other criminal activities. They attract investments and defraud money by boasting, exaggerating their value, or creating worthless "pseudo-coins." The general public should remain vigilant in their daily lives and avoid falling victim to scams.

The first Launchpad platform of the BTC ecosystem, IBO, is now online and will open staking for the first project token STB at 2 PM Beijing time

ChainCatcher message, the first Launchpad platform for the BTC ecosystem developed and operated by the Seal community, IBO, has launched today, with staking of $Seal to Earn for the first project token STB starting at 14:00 Beijing time. The IBO platform adopts $Seal to Earn, with the first $Seal to Earn project being Stable++. The total supply of the protocol token STB for Stable++ is 21M, with 20% of the share airdropped first to $Seal stakers on the IBO platform. Of this, 2% will be released in ten days, and the remaining 18% will be released over the next four months.IBO will initially support RGB++ Layer assets, allowing users to obtain project tokens by staking $Seal. The platform supports the establishment of liquidity pools on UTXOSwap through smart contracts and conducts a series of asset issuance and DeFi activities based on smart contracts. In the future, the IBO platform will also cover a wide range of UTXO ecosystems, including BCH and Dogechain, to initiate a wave of Bitcoin Finance (BTCFi) supported by smart contracts.Stable++ is an over-collateralized stablecoin protocol based on UTXO, issuing stablecoins. Stable++ utilizes the Leap feature of the RGB++ Layer to enable the free circulation of stablecoins within the Bitcoin ecosystem and ensures its stability by establishing over-collateralized vaults and efficient liquidation modules. The project has received strategic investment from the CKB ecosystem fund.
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