Did you lose more than 100,000 yuan when you helped people fry “TEDA coins”? Court: Full refund of invalid contract

Some time ago, the “Squid Coins” that were fired due to online dramas

Staged a clearing plunge

Well known

The price of virtual currency is like a roller coaster

But many investors still want to make a fortune

Professional traders are happy to see it

As a result, the two parties hit it off and agreed on an entrusted transaction.

So, is virtual currency commissioned transaction effective?

Let’s take a look. Recently, the Huangyan court concluded

An entrusted contract dispute case

Case review

On September 3, 2019, Huang Jiajing, who lives in Huangyan District, Taizhou City, introduced that he signed a “Digital Currency Quantitative Entrustment Agreement” with Zhang Yi, agreeing that Huang Jia would transfer 200,000 yuan to Zhang Yi in his own name for the purchase of TEDA currency (USDT), the investment operation Zhang B , after the expiry of the agreement to return the same amount of security at the end of purchase digital currency Huang a contract; Zhang B periodic settlement and related earnings to the yellow armor, when the contract expires settlement commissioned digital currency; The term of the agreement is one year.

Did you lose more than 100,000 yuan when you helped people fry "TEDA coins"? Court: Full refund of invalid contract

After the contract was signed, Huang Jia immediately remitted 200,000 yuan to Zhang Yi, waiting for a steady profit. However, the market conditions were not as good as Huang Jia expected . Seeing that his investment was about to fall apart, Huang Jia was anxious and asked Zhang Yi for the commission on WeChat many times. And Zhang Yi couldn’t control the changes in the virtual currency market. He successively returned RMB 95,760 to Huang Jia’s investment funds, and the remaining funds were not returned to Huang Jia for a long time, let alone the promised income.

Seeing Huang Jia who had no hope of returning his investment, Zhang Yi sued Zhang Yi to the court with a petition, demanding that he return the investment money and compensate for the corresponding interest losses.

The court held that

The subject matter of this case, the TEDA coin, is a virtual currency. The relevant state documents clarify that the so-called “virtual currency” including Bitcoin and TEDA coins is essentially an act of illegal public financing without approval. Organizations and individuals must not illegally engage in token issuance financing activities. As one of the virtual currencies, the subject matter of this case, TEDA coin, was not issued by the monetary authority prescribed by our country, has no monetary attributes such as legal compensation and compulsion, and cannot and should not be circulated and traded in the market as the subject matter.

Since the subject matter involved in this case is not inherently legal , the entrusted custody of the transaction by the plaintiff and the defendant is not protected by law. Therefore, the “Digital Currency Quantitative Entrustment Agreement” signed by the plaintiff and the defendant on September 3, 2019 》It is an invalid contract .

For the defendant , the property acquired under the invalid contract should be returned to the plaintiff, and the defendant should return the remaining investment of RMB 104,240.

As for the plaintiff , he should know that the investment in virtual currency is not protected by national laws, and still entrust the defendant to invest, and he was at fault. Therefore, his claim for compensation for losses such as interest is unfounded and this court does not support it.

Judge reminded

Virtual currency is a specific virtual commodity that is not issued by the monetary authority, is not legally compensatory and compulsory, is not a real currency, and should not and cannot be used as currency in the market. In September of this year, the People’s Bank of China, in conjunction with relevant departments, issued the “Notice on Further Preventing and Disposing of the Risks of Hype in Virtual Currency Transactions”, clarifying that virtual currency does not have the legal status equivalent to legal tender, and its related business activities are illegal financial activities. Participate in virtual currency There are legal risks in investment transaction activities.

Any legal person, unincorporated organization, or natural person investing in virtual currency and related derivatives that violates public order and good customs will be invalid and the relevant civil legal acts shall be invalid, and the losses arising therefrom shall be borne by them; suspected of disrupting financial order or endangering financial security, the relevant departments shall be subject to law Investigate. Remind investors and financial practitioners to enhance risk awareness, establish correct investment concepts, and conduct investment transactions through compliant and legal channels to avoid losses.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/did-you-lose-more-than-100000-yuan-when-you-helped-people-fry-teda-coins-court-full-refund-of-invalid-contract/
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