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Chinese man sentenced to 11 years for stealing 107 BTC via memorized seed phrase
A resident of Qingdao, China, has been sentenced to 10 years and 9 months in prison for stealing 107 BTC from an acquaintance after gaining access to the victim’s cryptocurrency wallet through its recovery phrase. According to the Supreme People’s Procuratorate, the incident took place in the summer of 2023. The victim, identified by the surname Feng, asked a friend named Zhang, who had previously helped him with Bitcoin transactions, to assist in setting up a cryptocurrency wallet and cashing out 117 BTC. While setting up the wallet, Feng wrote down the 12-word seed phrase required to recover access to the ... (full story)
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