BlockBeats news, on October 8, the Jiangsu High Court’s official account released the "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) offline MFA/USDT spot trading 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 Yancheng Intermediate People's Court held that the virtual currency transaction was invalid, and therefore ruled to dismiss 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 also constitutes illegal financial activities, and the relevant civil legal acts are invalid, and the losses caused by them shall be borne by them. The appeal was dismissed and the original judgment was upheld.