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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.

May 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.

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