Chongqing court rules that the contract for purchasing virtual currency through a commissioned pyramid scheme is invalid
ChainCatcher news, according to a report by The Paper, the People's Court of Chongqing Liangjiang New Area (Free Trade Zone) recently concluded a highly publicized entrusted contract dispute case, which involves a dispute over members of a pyramid scheme organization purchasing virtual currency. The plaintiff, Qin, entrusted the defendant, Zhou, to register as a member on the pyramid scheme organization's online platform and purchase virtual currency, with a total investment of 223,500 yuan. Later, the online platform of the pyramid scheme organization suddenly shut down, making transactions impossible. After hearing the case, the court determined that the entrusted contract violated mandatory provisions of national laws and administrative regulations and should be deemed invalid. Based on the degree of fault of both parties, the court ruled that the defendant Zhou should return 106,700 yuan to the plaintiff Qin. After the first-instance verdict, Zhou was dissatisfied and appealed. The Chongqing First Intermediate People's Court made a second-instance ruling, rejecting the appeal and upholding the original judgment. Currently, this judgment has taken effect and has been automatically executed.