China reveals circumstances around the seven-year jail term handed down to “OTC King” Zhao Dong

According to China’s official media, RenrenBit founder Zhao Dong, aka the “OTC King,” was given a seven-year jail term after an inquiry.

Zhao Dong, creator of the over-the-counter (OTC) crypto trading desk RenrenBit, which allowed crypto and local currency trading, was sentenced to seven years in jail. China’s Supreme Procuratorate supposedly provided the evidence for this conviction.

The Chinese legal prosecution agency said on December 27 that Zhao, who is also known as the “OTC King,” had been found guilty of running a cryptocurrency firm and engaging in foreign exchange operations without the proper license. Cryptocurrency is still banned in the country, and this step underscores the increasing crackdown on it.

Rumor has it that the authorities have revealed the results of a detailed investigation into the suspected crimes, which concentrated on accounts linked to the nefarious financial dealings. Bank data, conversation logs, confessions, and witness testimony were all used by the investigators in their case against Zhao and his colleagues.

Zhao and his partners contended in three open court sessions that their conduct did not amount to foreign currency trading. According to them, what they were doing was just exchanging digital money and did not include any unlawful commercial activities. But evidence pertaining to Zhao’s foreign exchange and his group’s conversation logs was submitted by the prosecution.

According to many receivers with ties to the case, the funds that Zhao received came from outside sources.

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