An employee at a Shenzhen technology company has been sentenced to three years and three months in prison for stealing proprietary R&D data and attempting to extort his employer by posing as a foreign hacker. The ransom demands totaled 0.88 BTC, an additional 0.8 BTC, and 90,000 USDT, worth over 630,000 RMB, approximately $87,000 to $88,000. The company refused to pay and immediately contacted the police. The Shenzhen court explicitly recognized Bitcoin and USDT as virtual assets possessing property value, a ruling that could shape digital asset law in China, where cryptocurrency transactions have been banned since 2021.
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