Taining Court: Issues related to USDT entrusted trading, management, etc. are currently not regulated and protected by law

ChainCatcher news, the Tianing Court has concluded a contract dispute case involving "USDT" as the investment object. In 2021, Jiang met Lin through an introduction by others and established a WeChat group to trade "USDT." Between 2021 and 2022, Jiang transferred approximately 100,000 RMB to Lin via WeChat and bank transfers, and Lin purchased about 76,000 U coins for him. Jiang also purchased 81,000 U coins as directed by Lin. Following Lin's instructions, Jiang transferred his held U coins to the platform multiple times for Lin to operate, but all funds were exhausted by Lin's operations, leading Jiang to file a lawsuit in court.

The court found that the plaintiff Jiang claimed that the dispute between the two parties was a guarantee contract dispute, and that a civil entrustment financial management contract relationship regarding the virtual currency U coin investment project was established between them. The entrustment transactions and management issues concerning the virtual currency U coin between Jiang and Lin are currently not regulated and protected by law in our country, and the consequences of their actions should be borne by Jiang himself. Therefore, the court ruled to dismiss Jiang's lawsuit request.