BlockBeats News, May 31st, the Licang District Prosecutor's Office in Qingdao City, Shandong Province, China, recently handled a Bitcoin theft case. The defendant, Zhang, obtained the mnemonic phrase when assisting an acquaintance in registering a cryptocurrency wallet, and later transferred 107 BTC in multiple transactions, equivalent to over 50 million yuan at the current market price. Zhang claimed that his actions were for "protective control," but the prosecution found that he transferred the stolen BTC through multiple exchanges and converted it to over 660,000 yuan. In the first instance, the Licang District Court sentenced Zhang to 10 years and 9 months in prison for theft and imposed a fine of 100,000 yuan; the second instance upheld the original verdict.

The report stated that the prosecutor handling the case strictly followed the law and judicial policies and after a thorough assessment, believed that although China's regulatory policies do not recognize cryptocurrency as legal tender, they do acknowledge its property nature and do not prohibit lawful possession and circulation by citizens. Bitcoin requires cost in terms of computing power and funds to obtain, has economic value, and the right holder can exercise exclusive control through private keys and mnemonic phrases, which align with the core characteristics of "property" in criminal law, making it a subject of theft.

In determining the amount involved, due to the lack of an official valuation for cryptocurrency, the Licang District Prosecutor's Office disregarded market price estimation and used the actual amount of over 660,000 yuan received from the proceeds of the crime as the theft amount, ensuring accurate conviction, appropriate sentencing, and unity of crime and punishment.