According to Foresight News, a recent case involving a virtual currency-related investment contract dispute was heard in the Zhuanghe People's Court in Zhuanghe City, Liaoning Province. The court ruled the contract invalid and not protected by law, and did not address any profits or losses incurred during the contract's performance or other detailed issues. The plaintiff was held responsible for any losses resulting from the case, and the judgment was upheld by the appellate court.
The plaintiff, Wang Ping (pseudonym), and the defendant, Zhao Bin (pseudonym), were friends who met through others and had dealings in virtual currency exchange. In 2022, Wang entrusted over 4 million yuan to Zhao's bank account via mobile transfer, based on trust in Zhao's ability to profit from crude oil futures trading, Tether (USDT) exchange, and other virtual currency-related transactions. The two agreed on a profit-sharing arrangement for the transactions. Zhao invested over 2 million yuan in virtual currency trading, mostly purchasing Tether (USDT), but subsequent investments failed, resulting in significant losses. The two parties disputed the amount of loss, liability, and profit-sharing, leading Wang to sue Zhao in 2023, demanding the return of the entrusted investment of over 4 million yuan.
After hearing the case, the court rejected Wang's lawsuit regarding the Tether investment portion. The parties appealed, and the appellate court upheld the first-instance court's judgment on that part.