According to surging coverage, Yang Qichao, a post-00s college student, is a senior student who is about to graduate from a university in Zhejiang. In early May 2022, he paid attention to a community autonomous organization called District Dynamic Future DAO to promote and warm up for the issuance of decentralized virtual tokens. He created a token BFF with the same English name as District Dynamic Future, adding 300,000 USDT and 630,000 BFF liquidity. In the same second that Yang Qichao added liquidity, Luo spent 50,000 USDT to exchange 85,316.72 BFFs. Just 24 seconds later, Yang Qichao withdrew the liquidity of the BFF, causing Luo to exchange only 21.6 USDT with 81,043 BFFs. Luo asked Yang Qichao to refund his losses, but was rejected. On May 3, 2022, Luo reported that his investment in virtual currency was defrauded of more than 300,000 yuan (converted to 50,000 USDT). Soon, the police filed a criminal case on suspicion of fraud and arrested Yang Qichao in Hangzhou, Zhejiang in November of that year. The first trial sentenced Yang Qichao to 4 years and 6 months in prison and fined him 30,000 yuan. In the 2nd-round Moderation, the defence counsel pleaded not guilty, pointing out that the virtual currency has a unique contract address, there is no "counterfeit currency", and both parties are senior players and know the risk of speculation. This case is the first criminal case in China to be brought to court for withdrawing liquidity from virtual currencies.