107 bitcoins, 50 million RMB, 10 years and 9 months.

Zhang Moumou helped acquaintances register wallets, secretly recorded the seed phrase, and transferred multiple times.
"Protective custody" — this defense argument is arguably the best joke of the year. Translate into plain language: "I keep it for you so you don't lose it."
And then? Sell the 107 bitcoins on various trading platforms, converting to 660,000 RMB.
Bitcoin with a market value of 50 million, ultimately only sold for 660,000 — it's not that BTC isn't valuable, but that urgent cashing out requires heavy discounts.
What's more ironic is the prosecution's "amount recognition" logic: not calculated at the market price of 50 million, but based on the proceeds from selling stolen goods of 660,000.
What does this mean? The theft amount = the actual money obtained, not the market value of the stolen assets.
Zhang Moumou may have stolen 107 BTC (50 million), but only sold for 660,000 — sentenced based on 660,000, 10 years and 9 months.
If he had sold all 107 at the peak, the amount would be 50 million, possibly resulting in a life sentence.
The gap between 660,000 and 50 million is the "liquidity" cost.
BTC on the chain is worth 50 million, but in the hands of a desperate thief, it's only worth 660,000.
The most thought-provoking aspect of this case is the legal recognition of Bitcoin's nature by the prosecution: "Although our regulatory policies deny the legal currency status of virtual currencies, they do not deny their property attributes."
Translate: Can't use it as money, but can steal it as property.
China's regulatory policy has always been "deny monetary attributes, retain property attributes" — this consensus was already established after the People's Bank of China notice in September 2021.