600,000 has been credited, but the virtual currency has not been delivered!

In May 2023, Zhao added Li as a WeChat friend to discuss the purchase of a certain amount of USDT (Tether) for 600,000 yuan. Later, the buyer Zhao transferred 600,000 yuan to a bank card under the name Cai as per the seller Li's request.

After the transfer, Zhao found that Li had not transferred the USDT (Tether) to his receiving wallet, so he requested Li to refund the 600,000 yuan. However, Li refused to refund, claiming that the account had been hacked and frozen. Therefore, Zhao sued Li in the Xinluo Court, requesting a ruling for Li to return the 600,000 yuan and pay for the occupied funds.

During this period, the defendant Li argued that virtual currency does not have legal compensation, and the civil activities between him and the plaintiff Zhao violated regulations and are not protected by law, thus should be dismissed by the court, with Zhao bearing the transaction risks and economic losses arising therefrom.

The court held that according to Article 153 of the Civil Code and Article 4 of the Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading Speculation (Yin Fa [2021] No. 237), the buying and selling behavior involving USDT (Tether) in this case is invalid due to disrupting financial management order and violating public order and good customs. The buying and selling behavior between Zhao and Li is invalid and is not binding from the beginning, and both parties have no legal basis for the property obtained and possessed by the other party due to invalid civil legal actions. Li should return 600,000 yuan to Zhao.

Since both parties have faults regarding the invalid transaction, they should bear the losses caused by the invalid civil legal actions themselves. Therefore, Zhao's request for Li to pay for the occupied funds is not supported. In accordance with relevant legal provisions, the Xinluo Court legally ruled that Li should return 600,000 yuan to Zhao and dismissed Zhao's other litigation requests. #内容挖矿 $BNB Follow me! Get more exciting content!