Mr. Chen entrusted his colleague Mr. Xu to purchase virtual currency, but unexpectedly, the website for purchasing virtual currency was shut down, and he couldn't withdraw his money. Mr. Chen filed a lawsuit against Mr. Xu in court, demanding that he bear the investment losses. Recently, after court deliberation, Mr. Chen's lawsuit request was dismissed.
In 2020, Mr. Chen began trying to invest in virtual currency. After learning that his colleague Mr. Xu had connections for overseas investments and promised capital preservation and interest, based on his trust in Mr. Xu, he transferred a total of over 1.84 million yuan to Mr. Xu and his designated third-party accounts through various means including transfers and cash, investing in a certain virtual currency. During this period, he received only over 56,000 yuan back from Mr. Xu. After one transaction, Mr. Chen found that he couldn't access the website for purchasing the virtual currency, and his money was stuck. Mr. Chen filed a lawsuit against Mr. Xu, demanding compensation for his losses of over 1.78 million yuan.
The case was later heard in the Donghu People's Court in the Donghu New Technology Development Zone of Wuhan. In court, Mr. Xu argued that the basic facts stated by Mr. Chen were false, and he had not assisted Mr. Chen in any virtual currency investment; the investment was entirely conducted by Mr. Chen himself through his personal account on the virtual currency website, establishing an investment relationship with the website rather than a delegated investment relationship with him. Furthermore, the transfers between the two were not funds for Mr. Xu assisting Mr. Chen in virtual currency investment but were transactions of buying, selling, or exchanging certain virtual currencies. Additionally, the amounts exchanged were incorrect; the discrepancy in the transfer records was over 340,000 yuan, not the over 1.78 million yuan claimed by Mr. Chen.
After examination, the court found that from December 2021 to September 2022, Mr. Chen transferred, instructed payment, and made cash payments totaling over 1.05 million yuan to Mr. Xu. In conjunction with certain chat software and Mr. Xu's statements, it was determined that these transactions were for certain virtual currency trading, and the court believed that this amount could constitute a relationship under a delegated contract. According to the notification (on further preventing and dealing with the risks of speculation in virtual currency trading), participating in virtual currency investment trading activities carries legal risks. Any legal person, non-legal entity, and natural person investing in virtual currency and related derivatives that violate public order and good customs will have their relevant civil legal acts invalidated, and the losses resulting from this will be borne by themselves. Mr. Chen, as a person with full civil capacity, should recognize the legal risks of virtual currency trading in our country. The losses arising from his virtual currency transactions through Mr. Xu should be borne by him. Ultimately, the court ruled to dismiss Mr. Chen's lawsuit request. (The full text refers to the party's surname as Hua.)
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