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

Zhang Moumou helped an acquaintance register a wallet, secretly recorded the seed phrase, and transferred the funds multiple times.
"Protective custody" — this defense is arguably the best joke of the year. Translate into plain language: "I keep it for you so you won't lose it."
And then? Sold 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 — not because BTC isn't valuable, but because urgent liquidation forced a discount.
Even more ironic is the prosecution's "amount recognition" logic: not calculated at the market price of 50 million, but based on the proceeds of the sale of stolen goods, 660,000.
What does this mean? The amount stolen = the actual money received, 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, it would be 50 million, possibly resulting in life imprisonment.
The gap between 660,000 and 50 million is the "liquidity" cost.
BTC is worth 50 million on the chain, but in the hands of a desperate seller, 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 country's regulatory policy denies the legal currency status of virtual currencies, it does not deny their property attributes."
Translate: Not usable as money, but can be stolen as property.
China's regulatory policy has always been "deny monetary attributes, retain property attributes" — this consensus was established after the People's Bank of China notice in September 2021.
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