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The Wuxi Court in China Discloses "Virtual Dollar" Investment Case: An Investment of 80,000 RMB Only Converted to 0.1 RMB for Withdrawal
BlockBeats News, September 7th. The Intermediate People's Court of Wuxi City, Jiangsu Province, China, disclosed a dismissed case involving investment in "virtual US dollars." An overseas exchange platform, A, publicly advertised "around 7% monthly returns," claiming that users could view their earnings in the platform account and withdraw funds at any time. Subsequently, Zhou Ming entrusted Wang Hao to purchase foreign exchange assets on Platform A and transferred 84,350 yuan to him. On the same day, Wang Hao transferred the 13,000 yuan worth of platform US dollars exchanged by Zhou Ming into Zhou Ming's platform account. Unexpectedly, Platform A suddenly collapsed, and the 13,000 US dollars in Zhou Ming's account could only be cashed out as 0.1 yuan in Chinese currency. In an attempt to recover the loss, Zhou Ming filed a lawsuit with the court, demanding that Wang Hao return his principal of 84,350 yuan and pay the corresponding fund occupation fee.
The court, after hearing the case, held that Zhou Ming's entrustment of Wang Hao to exchange Platform A's virtual US dollars was his autonomous investment decision. There was no entrusted financial management contract between Zhou Ming and Wang Hao. The loss of funds in Zhou Ming's Platform A account was due to his own investment behavior. In this case, when Zhou Ming invested on an overseas platform, he did not complete the required registration procedures, making that investment behavior not protected by Chinese law. Zhou Ming must bear the corresponding investment risks on his own, so the court dismissed Zhou Ming's lawsuit.
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