A Chinese man has lost a $10M Bitcoin loan after a court ruled that the cryptocurrency is not protected by law. Mr. Xu had lent 341 Bitcoins to Mr. Lin through a written agreement, but the loan defaulted, leading to a lawsuit. The Changzhou Zhonglou People's Court dismissed the case, stating that Bitcoin is a digital commodity and does not hold the same legal status as fiat currencies. This means it cannot be subject to legal enforcement action, enter circulation, or be used to award compensation. The lender bears all risks when lending crypto, warned Vice-Magistrate Ming Wang.