I spent 40,000 yuan to buy virtual currency, but it turned out to be "virtual". The platform collapsed and the money was not refunded. The court also ruled that the risk was borne by myself (from Coinsradar.net)

Xiao Zhang, a virtual currency player, spent 40,000 yuan to buy virtual currency, but the platform collapsed and the money was not refunded. He went to court to protect his rights and was told that this was illegal and the risk was borne by himself.

A few years ago, Xiao Zhang, a virtual currency player, registered EAA virtual currency on an APP. The application said that virtual currency purchased on its platform could be exchanged for RMB offline. Xiao Zhang found a currency dealer Xiao Chen through an intermediary and bought 40,000 yuan of EAA virtual currency.

One day later, the App suddenly could not log in. The virtual currency disappeared and cash could not be exchanged. Xiao Zhang felt cheated and sued Xiao Chen to return 40,000 yuan.

The court held that according to relevant regulations, token issuance and financing is essentially an unauthorized illegal public financing behavior. There are multiple risks in token issuance and financing and trading, which investors must bear by themselves.

In this case, Xiao Zhang ignored the corresponding risk warnings and traded virtual currency that was not allowed to circulate with Xiao Chen. The behavior is not protected by law and the relevant consequences are borne by himself. In the end, the court rejected Xiao Zhang's lawsuit.

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