Bitcoin and altcoins were robbed at the same time. 18.88 Bitcoins were identified as virtual property and successfully claimed. The altcoins worth 500,000 yuan plummeted by 90% and were abandoned for recovery. #内容挖矿
The Shanghai No. 1 Intermediate People's Court (hereinafter referred to as "Shanghai No. 1 Intermediate Court") publicly pronounced an appeal case involving a Bitcoin foreign-related property damage compensation dispute involving 18.88 Bitcoins. The Shanghai No. 1 Intermediate Court determined that Bitcoins obtained through illegal means should be returned in full or compensated at a discount.
According to the court, the four persons involved in the case controlled their mobile phones, restricted their freedom, and beat and threatened the other party, forcing the other party to transfer the virtual currencies such as Bitcoin they held into a designated account. Both parties had a foreigner. The dispute involved 18.88 Bitcoins and 6,466 Skycoins.
During the first trial, the four persons involved agreed to return the virtual currencies they obtained and claim compensation based on the price of the cryptocurrency market website at the time of the incident. Bitcoin was 42,000 yuan each and Skycoin was 80.34 yuan each, involving a total of about 1.31 million yuan.
In the end, the four were sentenced to fixed-term imprisonment for illegal detention. Now they are dissatisfied and have filed an appeal, saying that the law does not recognize the property attributes of Bitcoin and Skycoin, so the other party does not have the right to request the return of property rights.
After hearing the case in the second instance, the Shanghai No. 1 Intermediate People's Court determined that Bitcoin belongs to online virtual property and should be protected by law.
The Shanghai No. 1 Intermediate People's Court proposed that according to Article 127 of the General Provisions of the Civil Law of the People's Republic of China, the law has a positive attitude towards the protection of online virtual property; therefore, Bitcoin belongs to online virtual property and should be protected by law. At the same time, to obtain Bitcoin, it is necessary to invest material capital to purchase and maintain special machines and equipment with considerable computing power, etc., and it also takes a considerable amount of time cost, which condenses the abstract labor of human beings; Bitcoin can be transferred and generate economic benefits. Because Bitcoin has the characteristics of value, scarcity, and disposability, it has the characteristics of the object of rights and the commodity attributes of virtual property, which meets the constituent elements of virtual property.
In the case determined by the Shanghai No. 1 Intermediate People's Court this time, the Bitcoin claim was reached.
In this case, the trading website is not a virtual currency trading price information publishing platform recognized by my country, and the Bitcoin trading price data on the website cannot be directly used as a standard for determining losses.In the second trial, both parties agreed that if the return could not be made, they agreed to calculate the compensation amount at a price of 42,000 yuan per skycoin, involving about 792,000 yuan. Public data shows that the unit price of Bitcoin is currently around 66,000 yuan.
At the same time, in the second trial, the value of the 500,000 yuan altcoin plummeted by 90%. The infringed party voluntarily gave up the pursuit of 6,466 skycoins, which was a disposal of its own rights and was not contrary to the law. The Shanghai No. 1 Intermediate People's Court approved it.
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