Chinese Man Sentenced for Stealing 107 Bitcoin Through Deceit

A court in Qingdao, China has handed down a lengthy sentence to a man convicted of stealing 107 Bitcoin through deceitful means. According to reports, Zhang, a defendant in the case, memorized most of the victim's 12-word wallet recovery phrase and later reconstructed the remaining word to gain unauthorized access to the wallet.

The theft, which occurred in July 2023, resulted in the loss of over $97,000 worth of Bitcoin. The court classified Bitcoin as 'property' under Chinese criminal law, allowing the prosecution to proceed with the case despite China's regulatory ban on cryptocurrency trading and mining.

This ruling aligns with a broader legal precedent in China, where courts have consistently recognized the economic value of Bitcoin in criminal cases.