Establishes offenses for virtual token fraud, illegal rug pulls, and private key fraud in New York.
New York S07824 amends the penal law to establish offenses related to crypto fraud. It defines virtual tokens as digital assets on a blockchain and outlines penalties for virtual token fraud, illegal rug pulls, and private key fraud. Virtual token fraud involves deceptive practices with intent to deceive regarding virtual tokens. Illegal rug pulls occur when developers misrepresent a project and abandon it, causing substantial loss. Private key fraud involves obtaining or disclosing another's private key without consent. Penalties include fines and imprisonment.
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