A Chinese investor allegedly lost 1.78 million yuan while trying to invest in Tether’s USDT.
The court dismissed the lawsuit, ruling the investor to bear the loss as he had no legal evidence.
The judge reinforces China’s approach to crypto, asserting that crypto cannot exercise legal currency status.
Amid the ongoing debate over China’s stance on cryptocurrencies, the East Asian nation has once again made its position clear. A recent ruling by the Wuhan Donghu New Technology Development Zone People’s Court in Hubei Province dismissed a crypto investment lawsuit, leaving the investor to shoulder the loss. This decision serves as a stark reminder of China’s strict regulations against digital assets.
The plaintiff, Liu, began investing in crypto in 2020, allegedly at the urging of his colleague Wang. Liu claims he sent 1.84 million yuan to Wang and his third-party account using various payment methods from December 2020 to October 2022. While Liu meant to invest in Tether’s USDT stablecoin, he only got 56,000 yuan back from Wang during that period.
When the crypto purchasing website shut down and Liu could not recover his substantial losses, he filed a la…
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