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

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.

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