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The second trial of the 660,000 yuan virtual currency theft case in Wuhan, China, has been revised: the main culprit was sentenced to ten years and six months in prison, and the amount stolen was determined based on the actual payment cost incurred by the victim

According to the "Procuratorial Daily," Lin, Zeng, and Dai conspired to use virtual currency trading as a pretext. During the trading process, they secretly filmed the victim's digital wallet private key and, after the virtual currency was credited, secretly logged into the victim's wallet to reverse the transaction, transferring the related virtual currency back to their controlled accounts. The three committed the crime three times, causing the victim a total economic loss of 660,000 yuan.The first-instance court held that in the absence of a clear judicial interpretation regarding the valuation method of virtual currency and sentencing standards, it was inappropriate to directly determine the amount involved as particularly huge based on the victim's purchase amount of 660,000 yuan. Therefore, they sentenced the three based on "other serious circumstances," imposing prison terms ranging from eight years to five years and six months, along with fines. The Hanyang District Procuratorate of Wuhan City in Hubei Province subsequently filed an appeal, which was supported by the Wuhan City Procuratorate.The prosecution argued that the first-instance court applied the law incorrectly and imposed an excessively light sentence. Prosecutor Dai Wentao of the Wuhan City Procuratorate stated that in the case where the victim had a clear loss amount to refer to, it was contradictory and legally erroneous to claim that the value of virtual currency could not be determined. In judicial practice, using the resale price and transaction price as the basis for determining the amount of theft has become mainstream, and determining the value of virtual currency based on the actual cost paid by the victim has factual, legal, and practical basis.The Intermediate Court of Wuhan accepted the prosecution's opinion in the second instance, revoked the corresponding content of the original judgment, and changed the determination of the theft amount to particularly huge. It sentenced the principal offender Lin to ten years and six months in prison for theft, and sentenced the accomplices Zeng and Dai to eight years in prison each, along with fines.

In the Ural region of Russia, 10,000 mining machines were seized from an illegal mining site, with electricity cost losses amounting to nearly 1 billion rubles

According to Bits.media, a large illegal cryptocurrency mining operation was discovered in the city of Nizhny Tagil in Sverdlovsk Oblast, Russia, and the nearby city of Kushva. The mining operation was hidden in an abandoned industrial park and deployed about 10,000 mining machines, which were dismantled by a joint operation of the Federal Security Service of the Russian Federation, the police, and the power company.Local power companies estimate that the losses caused by the long-term illegal electricity usage of this mining operation amount to nearly 1 billion rubles (approximately 12.7 million USD). Investigators stated that its electricity consumption was sufficient to meet the lighting needs of a small city. Law enforcement has arrested three suspects, who are currently under house arrest and are being investigated for "causing property damage through deception or abuse of trust." Under Russian law, those involved could face up to 5 years in prison.Investigations revealed that the operators of the mining site accessed the power grid through intermediaries and allegedly tampered with electricity meter data to cover up the actual electricity usage. Law enforcement agencies stated that the actual electricity consumption of the mining operation was about twice the approved quota. The local energy department initially launched an investigation due to frequent voltage fluctuations, power outages, and equipment failures in the abandoned factory area, ultimately pinpointing the location of the mining operation. A local television station also produced a documentary titled "Mining" to document this operation.

The European Central Bank refuses to relax regulations on euro stablecoins due to concerns about increasing financing costs and interfering with interest rate control

The European Central Bank (ECB) rejected the proposal to relax regulations on euro stablecoins, believing that such measures are too risky and could undermine financial stability and the transmission of monetary policy.Bruegel suggested at the informal meeting of EU finance ministers held in Nicosia, Cyprus, that liquidity requirements for stablecoin issuers should be lowered and that they should be allowed to access ECB funding support when necessary to combat a market dominated by dollar stablecoins and to avoid "digital dollarization." However, officials, including central bank president Lagarde, strongly opposed this, arguing that stablecoins could destabilize bank deposits, increase banks' funding costs, weaken lending capacity, and interfere with interest rate control.Although some finance ministers had mixed feelings about the proposal, several central bank officials questioned the idea of making the ECB the "lender of last resort" for stablecoin issuers. The EU is currently implementing strict regulations on stablecoins under the MiCAR framework, while the GENIUS Act passed in the U.S. in 2025 adopts more lenient rules. Currently, euro stablecoins account for only 0.3% of the global stablecoin supply, while Europe is advancing the digital euro project to enhance payment sovereignty.

Glassnode: BTC breaks through key cost zone, $85,000 becomes the next key resistance level

Glassnode's latest report indicates that Bitcoin has broken through the real market average ($78,200) and the cost price for short-term holders ($79,100). If it can maintain this range for the next week, the "deep value phase" since 2026 may become the shortest in Bitcoin's history.The next key resistance level in the current market is around $85,200. On-chain data shows that the 30-day net realized profit and loss average has turned positive to 0.003% of the market cap, and long-term holders have realized profits rising to $180 million daily, but this is still significantly lower than the over $1 billion level during the peak of this cycle.However, the market has realized losses still amounting to $479 million daily, which is 140% higher than the stable range of this cycle. Glassnode believes that it needs to continuously fall below $200 million to confirm a healthier demand recovery.In terms of capital, the 30-day net inflow of the U.S. spot Bitcoin ETF has turned positive again, indicating that institutional demand is recovering. At the same time, the perpetual contract funding rate remains negative during the upward process, suggesting that market short positions are still heavy. If shorts continue to be squeezed, it may further drive prices up.Additionally, there is a concentration of about $2 billion in "Short Gamma" positions around $82,000, and market makers' hedging behavior may amplify price volatility. Glassnode believes that the overall trend for Bitcoin remains strong, but the market has entered a more sensitive phase. If there is a lack of sustained spot buying support, there may be significant selling pressure around $85,000.
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