Founder of RenrenBit, Zhao Dong, Faces 7-Year Prison Term – China Discloses Details

China's Supreme Procuratorate reveals the specifics behind the seven-year prison sentence of RenrenBit's founder, Zhao Dong, renowned as the "OTC King.

Unraveling the Investigation: Authorities expose a meticulous inquiry into alleged crypto and forex offenses by Zhao Dong and associates.

Conviction Details: Key Details of Zhao Dong’s 7-Year Sentence

China's legal prosecution agency discloses that Zhao, dubbed the "OTC King," is convicted for unlicensed crypto business and unauthorized participation in forex transactions.

Complex Investigation: In-depth Look at the Authorities' Investigation

Reports highlight the intricate probe that unraveled complex financial transactions tied to alleged crimes. Bank records, communication logs, confessions, and witness statements were employed to build a compelling case.

Legal Proceedings: Insights from the Three Public Hearings

Zhao and associates argued their actions as digital currency transactions, not foreign exchange. However, the prosecutor presented chat records as evidence, emphasizing the forex nature of their dealings.

Funds from Foreigners: Confirmed Payments from Abroad

Related recipients confirm that funds received by Zhao were payments from foreigners. The court report details the exchange of dirhams for RMB, Tether transactions, and illicit selling within a domestic gang.

Verdict and Penalties: Zhao Dong Receives 7-Year Sentence and a Substantial Fine

In the end, the court issues a verdict, sentencing Zhao Dong to seven years in prison and imposing a hefty fine of 2.3 million Chinese yuan ($325,000).

China’s crackdown on crypto-related activities continues as Zhao Dong, the "OTC King," faces a substantial prison term and financial penalties.

This case underscores China's stringent stance on crypto activities, with Zhao Dong facing severe consequences for his involvement.