Chinese Court Sentences Bitcoin Thief to 12 Years

A Chinese court sentenced a man to more than 12 years in prison for stealing Bitcoin and converting it into cash. The ruling found that while Chinese authorities ban financial transactions involving virtual assets, Bitcoin qualifies as property under criminal law and can therefore be the subject of theft.

Chinese media reported on May 23 that prosecutors in Fuzhou's Cangshan District, in Fujian province, charged a man identified as Lin in a case involving stolen Bitcoin and illegal gains. The Cangshan District court sentenced Lin to 12 years and seven months in prison and fined him 300,000 yuan. Lin appealed, but the Fuzhou Intermediate People's Court upheld the original ruling.

Lin was accused of stealing four Bitcoin in late 2020 from a wallet entrusted to him by a man identified as Wang, who had asked him to convert the assets into cash.

Prosecutors said China's financial regulators do not grant virtual assets the same legal status as fiat currency. But they said Bitcoin has controllability, transferability and property value, putting it within the scope of criminal statutes covering property crimes.