Object Types and the Assessment of Value Equivalence in the Disposal of Criminal Virtual Currency (OpenAlex (recherche mondiale))

Summary

• Virtual currency crimes in China reached a scale of RMB 430.7 billion in 2023.p.1
• Individual law enforcement cases involving tens of thousands of coins are no longer rare.p.1
• Bitcoin has been observed to double or halve in price within months, presenting extreme price volatility before liquidation.p.1
• The Notice issued in February 2026 (Yinfa [2026] No. 42) confirmed the quasi-monetary status of stablecoins at the normative level.p.2
• Article 245 of the Criminal Procedure Law mandates that authorities dispose of seized property in accordance with effective judicial judgments.p.3

Key insights

1. Stablecoins derive value from issuer redemption commitments and can be valued independently of market transactions.p.1
2. Non-stablecoins lack reserve backing and rely entirely on market supply and demand to establish their realization price.p.3
3. Value equivalence for redemption-based assets can be assessed substantively against redemption ratios and peg relationships.p.4
4. Value equivalence for market-based assets must be assessed procedurally through review of timing, fee rates, and price data sources.p.4
5. Verification of market-based asset liquidation should draw on public market data from major international exchanges and cross-platform weighted averages.p.4