ChainCatcher news, the Jiangsu High Court's official WeChat account published "2023 Typical Cases of Foreign-related Commercial Trials in Jiangsu Courts," which disclosed that Tian XX, Pan XX, and a third party signed a "Cooperation Agreement" to jointly operate the "MFA Blockchain Project." Pan XX transferred a total of 15.74 million yuan to Tian XX and the third party for the purchase of the MFA virtual currency as stipulated in the agreement; Tian XX subsequently transferred 10.6 million yuan to Pan XX. Tian XX claimed that MEXC (a Singapore trading platform) delisted the MFA/USDT spot trading in September 2020, and the virtual account involved in the case was locked and could not be traded, resulting in a total loss of investment. Pan XX filed a lawsuit, requesting the return of the remaining funds and payment of interest.The Yancheng Intermediate People's Court ruled that the virtual currency trading behavior was invalid, thus dismissing Pan XX's lawsuit. Pan XX was dissatisfied with the ruling and appealed. The Jiangsu Provincial High Court, in its second instance, held that foreign virtual currency exchanges providing services to residents in China via the internet also constitute illegal financial activities, and the relevant civil legal acts are invalid, with the resulting losses to be borne by the parties themselves. The court thus dismissed the appeal and upheld the original ruling.