Invest ideasNews
3 Jun 2026, 08:40
Qingdao Prosecutors Rule Bitcoin Qualifies as Property Under Chinese Criminal Law in Landmark Theft Case
BitcoinWorld Qingdao Prosecutors Rule Bitcoin Qualifies as Property Under Chinese Criminal Law in Landmark Theft Case Prosecutors in Qingdao, China, have formally determined that Bitcoin qualifies as property under the country’s criminal law, marking a significant legal clarification in a case involving the theft of 107 Bitcoin. The ruling, reported by local Chinese media, sets a precedent for how digital assets may be treated in criminal proceedings within China’s strict regulatory environment. Case Details and Sentencing The defendant, identified by the surname Zhang, was sentenced to 10 years and nine months in prison and fined 100,000 yuan (approximately $13,800). According to court documents, Zhang obtained the victim’s cryptocurrency wallet recovery phrase and used it to transfer and sell the stolen Bitcoin. The prosecution successfully argued that Bitcoin meets the legal definition of property because it holds economic value and can be exclusively controlled by an owner. The value of the theft was calculated based on the more than 660,000 yuan (over $91,000) that Zhang received from selling the stolen Bitcoin, rather than the market value at the time of the crime. This distinction is important for future cases, as it establishes a method for valuing stolen cryptocurrency in Chinese courts. Legal Implications for Cryptocurrency in China China has maintained a broad ban on cryptocurrency trading and mining since 2021, but this ruling clarifies that digital assets are not beyond the reach of criminal law. The Qingdao prosecutors’ decision aligns with earlier civil court rulings that recognized Bitcoin as property protected by law, even while the government restricts its use in financial markets. Legal experts note that this distinction allows authorities to prosecute theft, fraud, and other crimes involving cryptocurrency without legitimizing it as a financial instrument. The ruling could encourage more victims of crypto-related crimes to report incidents to police, knowing that prosecutors have a framework to pursue charges. Broader Context and Market Impact This case arrives amid growing global debate over the legal classification of digital assets. While countries like the United States and Japan have established regulatory frameworks, China’s approach remains uniquely restrictive yet pragmatic. The Qingdao ruling suggests that Chinese authorities are developing nuanced legal tools to address cryptocurrency-related crime without altering the overall ban on trading. For cryptocurrency holders in China, the ruling provides a measure of legal protection against theft, though it does not signal any relaxation of trading restrictions. The case also highlights the risks associated with storing recovery phrases insecurely, as a single compromised phrase can lead to total loss of funds. Conclusion The Qingdao prosecutors’ ruling that Bitcoin constitutes property under criminal law represents a practical evolution in China’s legal treatment of digital assets. While the government maintains its prohibition on cryptocurrency trading, this decision ensures that victims of theft have legal recourse and that criminals cannot exploit regulatory ambiguity to evade justice. The case serves as a reminder of the importance of secure storage practices and the growing intersection between traditional criminal law and emerging digital asset technologies. FAQs Q1: Does this ruling mean Bitcoin is legal in China? No. China maintains a ban on cryptocurrency trading and mining. This ruling only recognizes Bitcoin as property for the purpose of criminal law, allowing prosecution of theft and fraud cases. It does not legalize trading or ownership for investment purposes. Q2: How was the value of the stolen Bitcoin calculated? The court used the actual amount the defendant received from selling the stolen Bitcoin — more than 660,000 yuan (about $91,000) — rather than the market price at the time of the theft. This approach provides a clear valuation method for future cases. Q3: What is a recovery phrase and why is it important? A recovery phrase, also known as a seed phrase, is a set of words that can restore access to a cryptocurrency wallet. Anyone who obtains this phrase can control the wallet and transfer its funds. Keeping it secure is critical to preventing theft. This post Qingdao Prosecutors Rule Bitcoin Qualifies as Property Under Chinese Criminal Law in Landmark Theft Case first appeared on BitcoinWorld .
3 Jun 2026, 08:40
Crypto News, June 3: BTC USD Evil Number at $66K, Peter Schiff Calls for $20K, Geopolitical Fear Porn Everywhere
The crypto market is getting hammered, BTC USD slips to the devilishly symbolic $66,000 level following fresh geopolitical turmoil in the Middle East. Right on cue, Peter Schiff has returned to tell everyone Bitcoin is doomed. Some things never change. The latest selloff comes as US spot Bitcoin ETFs continue bleeding capital. Funds have recorded $1.67 billion in weekly outflows, with recent totals exceeding $4 billion over the past few weeks. Bitcoin ETF Flows, Coinglass That’s becoming one of the biggest obstacles for BTC right now. Institutions appear to be rotating into AI stocks, defense names, energy plays, or simply parking cash in high-yield Treasuries while market uncertainty grows. Buffett himself said that he is sitting on a pile of cash, as markets are getting way closer to a casino environment. Still, Bitcoin has visited the $66K region several times this year. Each previous test attracted buyers and was followed by a rebound toward $70,000 and beyond. Bitcoin (BTC) 24h 7d 30d 1y All time Discover: The best crypto to diversify your portfolio with Iran Escalation Sends BTC USD to $66K, Peter Schiff A Happy Man The decline accelerated after Iran reportedly launched missiles and drones toward targets in Kuwait and Bahrain, damaging infrastructure and disrupting flights. US Central Command intercepted part of the attack as tensions with Washington rose following the collapse of recent peace discussions. Markets reacted exactly as expected. Oil moved higher, investors sought safety, and risk assets found themselves first in line for selling pressure. Peter Schiff, Bitcoin’s longest-running critic, wasted little time making fresh bearish predictions. According to Schiff, a breakdown of major support could eventually send BTC below $50,000 and even under $20,000. JUST IN: Peter Schiff says Bitcoin will crash below $20,000. pic.twitter.com/LDkn5PkmdF — Watcher.Guru (@WatcherGuru) June 2, 2026 His warnings generate headlines every cycle, though critics point out he’s been calling for Bitcoin’s collapse for well over a decade while the asset has repeatedly recovered from far worse drawdowns. In Contrast, Coinbase CEO Brian Armstrong has reportedly described the current selloff as temporary, maintaining his long-term bullish view that Bitcoin could eventually reach seven figures. BREAKING: Coinbase CEO Brian Armstrong says people without at least 5% exposure to Bitcoin could “regret it” by the end of the decade. He believes $BTC could reach $1,000,000 by 2030 as institutional adoption, ETFs, and global demand continue accelerating. The biggest risk… pic.twitter.com/kbN0uFyNDM — Bitcoin professor (@Bitcoinprof0637) June 2, 2026 Discover: The best crypto to diversify your portfolio with Trump, Iran, and Market Uncertainty Geopolitical tensions remain the dominant story. President Trump dismissed reports claiming the US and Iran have stopped communicating, calling them “fake news.” BREAKING: President Trump says that reports claiming the US and Iran have stopped speaking are "fake news." pic.twitter.com/OUPNq5nTQi — The Kobeissi Letter (@KobeissiLetter) June 2, 2026 Although the peace agreement that emerges remains unclear. If tensions continue to escalate, crypto could face additional volatility alongside equities and other risk assets. Even with stocks doing great, breaching all-time high after all-time high. One noticeable trend during the latest panic has been increased demand for stablecoins and digital dollars as crypto holders seek shelter without fully leaving the crypto ecosystem. Stablecoins market cap, Defillama In reality, Bitcoin at $66K feels ugly. The markets are reminding everyone they’re markets. ETF outflows, geopolitical risk, and recession fears are creating a difficult setup at the moment. But Bitcoin has survived wars, banking crises, exchange collapses, pandemics, and countless eulogies written by its critics. The near-term outlook remains volatile, but Bitcoin continues attracting adoption faster than fear drives investors away. I’m bullish. Discover: The best pre-launch token sales The post Crypto News, June 3: BTC USD Evil Number at $66K, Peter Schiff Calls for $20K, Geopolitical Fear Porn Everywhere appeared first on Cryptonews .
3 Jun 2026, 08:31
Bitcoin News: BTC Crashed 12% and $1.85 Billion Got Liquidated, But Blaming Saylor’s 32 BTC Sale Is Simply Wrong
In the latest Bitcoin news, BTC price crashed to a four-month low of $65,707 on June 3, shedding 7% in 24 hours and more than 12% across seven days, as $1.85 billion in crypto liquidations tore through derivatives markets. The dominant narrative that followed pointed fingers at Michael Saylor and Strategy’s first Bitcoin sale in three years . Bitcoin (BTC) 24h 7d 30d 1y All time Discover: The Best Crypto to Diversify Your Portfolio Why the Saylor Attribution News Is Wrong: 32 Bitcoin Does Not Move a $57B Market Strategy disclosed in an SEC filing that it sold 32 Bitcoin to fund preferred stock dividend payments, the company’s first net reduction in its Bitcoin position in more than three years. The number is not a typo. Thirty-two Bitcoin, against a liquidation event that wiped $894.5 million in BTC positions alone. The attribution collapsed under basic arithmetic the moment it spread. The narrative traveled faster than the data for a simple reason: the timing was close, the symbolism was sharp, and traders primed for a downside catalyst accepted the first available explanation. Market anxiety around Saylor’s positioning had been building for weeks, making the attribution feel plausible even without supporting scale. BREAKING: Bitcoin falls below $69,000 as selling pressure accelerates. Bitcoin is now down nearly -$5,000 since MicroStrategy, $MSTR , disclosed its first sale in over 3 years. pic.twitter.com/AT9Zvpk2cl — The Kobeissi Letter (@KobeissiLetter) June 2, 2026 That is how misattribution spreads in liquid markets, not through fabrication, but through pattern-matching under stress. The Mt. Gox estate’s movement of approximately $739 million worth of Bitcoin added to the fog. On-chain monitoring flagged the transfer, and sentiment deteriorated immediately. But as this publication has noted in prior coverage of Bitcoin liquidation events tied to large on-chain movements , a wallet transfer is not a sale. Exchange inflow metrics did not show a corresponding spike that would confirm coins reached order books before the cascade began. The verdict is unambiguous: a 32 BTC sale and an unconfirmed wallet transfer did not generate $1.85 billion in liquidations. Excess leverage in a deteriorating technical structure did. Michael Saylor was the story crypto Twitter needed; the derivatives market was the story the data showed. Can Bitcoin Price Recover, or Does $65,000 Mark a Deeper Structural Break BTC is sitting at $67,057 on the daily chart, and the recent price action has been brutal, with price collapsing from the $82,000 high in early May all the way down to current levels in just a few weeks, erasing the entire recovery that built through March and April. The most alarming thing about this move is that it has broken back below the $68,000 to $70,000 range that served as the base for the March and April recovery, meaning the higher-low structure that had been holding since February has now been violated. Source: BTCUSD / Tradingview The $64,000 to $65,000 zone is the last serious support on this chart, having held twice during the February to March period as a demand floor, and that is the level price is now heading toward with very little in between. A hold at $64,000 would be critical, giving bulls one more chance to rebuild from the same zone that launched the previous recovery attempt, but a break below it opens the path toward $60,000 and potentially lower with no meaningful support in sight. On the upside, $72,000 is now the first resistance that needs to be reclaimed for any recovery narrative to restart, and above that, $76,000 to $78,000 is where heavier supply sits from the May distribution. The overall picture is deteriorating fast. What looked like a recovering market a month ago has now given back almost everything, and the burden of proof is firmly on the bulls to defend $64,000 or this chart gets significantly worse before it gets better. Discover: The Best Token Presales The post Bitcoin News: BTC Crashed 12% and $1.85 Billion Got Liquidated, But Blaming Saylor’s 32 BTC Sale Is Simply Wrong appeared first on Cryptonews .
3 Jun 2026, 08:30
El Salvador Buys the Dip as Bitcoin Slides Under $66,000, Reserve Nears 7,600 BTC
El Salvador is buying the dip again as bitcoin slides as low as $65,700, with the Central American nation’s strategic reserve now holding roughly 7,600 BTC worth more than $510 million. A Familiar Playbook on a Red Day As bitcoin dropped under $66,000 this week, El Salvador leaned into the slide rather than away from
3 Jun 2026, 08:30
The End Of An Era? Shiba Inu Burns Slow To A Crawl As Investors Lose Interest
The Shiba Inu burn initiative has existed for a number of years now, a move that was created to help reduce the massive supply of the meme coin. Initially, this initiative drew a lot of attention, with investors burning thousands of dollars worth of SHIB daily and removing billions in SHIB from the circulating supply. However, as the market has moved into another bear market, Shiba Inu has suffered, and the burn initiative has slowed to almost a stop. Shiba Inu Burns Drop To Only Hundreds Of Dollars As shown on the Shibburn website, which is the official tracker for the amount of SHIB tokens burned daily, the SHIB burn rate has dropped drastically. The website shows that over the last week, around an average of $10 worth of tokens have been burned daily, meaning only a tiny amount of tokens are being taken out of circulation. Related Reading: Why The Bitcoin Price Won’t Hit $100,000 Again This Year The seven-day figures come out to just over $100 worth of tokens burned, which means that only around 20 million SHIB tokens were taken out of circulation, according to current prices. The 30-day figures also show how much the burn rate has slowed, with less than $1,000 worth of tokens burned in one month, or around 144 million SHIB. While the token figures burned, coming out to the millions, may seem impressive, it is barely a drop in the ocean of what the total SHIB supply is. Official channels show a total supply of just over 589 trillion tokens. Out of this, 410.8 trillion tokens have been burned, courtesy of Ethereum founder Vitalik Buterin, starting the first recorded SHIB burn with 410 trillion tokens sent to the burn wallet. Taking into account the total amount of burned tokens, it now leaves 585.56 trillion tokens left in circulation. This means that the 144 million burned in the 30-day period is near negligible to the total circulating supply. As a result, there is likely not going to be any significant reduction to the SHIB supply anytime soon. Related Reading: Analyst Says This Dogecoin Chart Is Too Dangerous To Ignore – Here’s Why Participation figures from holders mirror just how much the SHIB burn initiative has fallen out of favor. The Shibburn website shows an average of 3-5 burn transactions recorded daily compared to the tens to hundreds of transactions that used to be recorded when the burn first began. As for the Shiba Inu price, the meme coin has continued to struggle. According to CoinMarketcap, it is down 93% from its 2021 all-time highs. Nevertheless, its market cap of $3.1 billion makes it the third-largest meme coin in the market, sitting behind Dogecoin and MemeCore. Featured image from Dall.E, chart from TradingView.com
3 Jun 2026, 08:29
USDC Stability Report: Daily Users Reach 1M as Reserves Back a $75.9B Market Cap
