According to ChainCatcher, the Jiangsu High Court’s official account released (Typical Cases of Foreign-Related Commercial Trials in Jiangsu Courts in 2023), which disclosed that Tian, Pan and a third party signed a (cooperation agreement) to jointly operate the "MFA blockchain project". Pan successively transferred RMB 15.74 million to Tian and the third party to purchase the MFA virtual currency agreed in the above agreement; Tian successively transferred RMB 10.6 million to Pan. Tian claimed that MEXC (Singapore trading platform) took MFA/USDT spot trading offline in September 2020, and the virtual account involved in the case was locked and could not be traded, and the investment had been completely lost. Pan filed a lawsuit, demanding that Tian return the remaining amount and pay interest.
The Intermediate People's Court of Yancheng City held that virtual currency transactions were invalid, and therefore rejected Pan's lawsuit. Pan was dissatisfied with the judgment and appealed. The Jiangsu Provincial High People's Court held in the second instance that the provision of services by overseas virtual currency exchanges to residents in my country through the Internet was also an illegal financial activity, and the relevant civil legal acts were invalid, and the losses caused by them were borne by them. The appeal was rejected and the original judgment was upheld.