Chinese court treats Bitcoin as property in 107 BTC memory theft case

107 Bitcoins vanished? Source: Supreme People’s Procuratorate’s official WeChat account When Feng discovered the missing Bitcoin and reported the theft, investigators traced the transactions and linked them to Zhang. Zhang admitted transferring the Bitcoin but claimed he had been “protecting” the assets and had not profited, arguing he later lost money speculating on the price. Prosecutors said electronic records showed Zhang converted the assets and realized more than $97,000 in proceeds. Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph that the case shows wallet security threats are often human rather than technical. While 12-word recovery phrases are computationally secure against brute-force attacks, Kan said 24-word phrases “raise the ceiling further,” making a “reasonable case” for the industry to adopt them more widely. Kan added that the incident also highlights the risks of sharing recovery phrases in “trusted helper” scenarios, where social engineering can lead to wallet compromise. Most users avoid screenshots but rarely consider who is physically present during wallet setup, even though “momentary exposure is still exposure.” Asia Express: North Korea denies crypto hacks, Upbit’s bank tests Ripple More on the subject