Fuzhou Gulou Court Dismisses 480,000 RMB USDT Financial Dispute Lawsuit and Transfers Case to Public Security Authorities

Odaily Planet Daily News The Fuzhou Gulou District People's Court recently concluded a dispute arising from virtual currency investment. Chen transferred 480,000 RMB to Liu for foreign exchange financial management. Liu converted the funds into USDT and invested them on an overseas platform. After the platform shut down, Chen sued the court demanding a refund. The court reviewed the case and determined that the transaction model formed a closed loop of receiving RMB, converting to USDT, cross-border transfer, and foreign exchange trading, which constitutes a disguised form of foreign exchange trading and is suspected of economic crimes.

The court ruled to dismiss Chen's lawsuit and transferred the relevant materials to the public security authorities for handling. The Fuzhou Intermediate People's Court upheld the ruling. The court reminded that civil legal acts involving virtual currency investment that violate public order and good customs are invalid, and any losses incurred therefrom shall be borne by the investors themselves.