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The contract for helping people to fry “TEDA coins” is invalid

November 20, 2021
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On November 20th, the Huangyan Court of Taizhou, China concluded an entrusted contract dispute case recently. Huang Jiajing introduced the “Digital Currency Quantitative Entrustment Agreement” with Zhang Yi.

It was agreed to transfer 200,000 yuan to Zhang Yi in his personal name for the purchase of USDT. Operated by Zhang Yi Investment. After the agreement expires, the guarantee will return the equivalent amount of digital currency purchased when the Huangjia contract is signed.

However, market conditions are not as good as expected. Zhang Yi only returned RMB 95,760 to Huang Jia’s investment. The remaining money has not been returned for a long time. Huang Jia sued Zhang Yi to the court and asked him to return the investment money and compensate the corresponding interest loss.

The People’s Court of Huangyan District, Taizhou, China ruled. The subject matter involved in this case does not have legitimacy. Therefore, the entrusted custody of the transaction by the plaintiff and the defendant is not protected by law.

Therefore, the “Digital Currency Quantitative Entrustment Agreement” signed by the plaintiff and the defendant is an invalid contract. The property acquired by the defendant pursuant to the invalid contract shall be returned to the plaintiff, and the defendant shall return the remaining investment of RMB 104,240.

The plaintiff knew the investment of virtual currency. Not protected by national laws, but still entrusted the defendant to invest. There is a fault in itself. Therefore, his claim for compensation for losses such as interest is unfounded by law and is not supported.

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