Trial Gets Under Way for Well-Known Crypto Executive in China

Prominent trader Zhao Dong is charged with "assisting internet criminal activities " and faces three years in prison.

AccessTimeIconMay 12, 2021 at 9:35 a.m. UTC
Updated Sep 14, 2021 at 12:54 p.m. UTC

The trial of prominent over-the-counter (OTC) crypto trader and company founder Zhao Dong has started in the Chinese city of Hangzhou.

  • Zhao Dong is charged with "assisting internet criminal activities" according to a livestream of the trial Wednesday, as reported by The Block.
  • This charge is defined as providing someone known to be committing an internet-based crime with the tools to do so. These include internet access, network storage, telecommunication or payment settlements.
  • Zhao and his team are accused of being a transactional counterparty for a money-laundering scheme called "Day Day Up."
  • If found guilty, Zhao could be sentenced to up to three years in jail. He has already been in jail for almost a year.
  • The case has attracted a great deal of attention given Zhao's status as one of the most prominent figures in the Chinese crypto industry, per the report.
  • He ran one of the country's largest OTC desks and founding crypto lending startup RenrenBit.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Read more about