Shanghai courts successfully handled virtual currency in a criminal case for the first time, with over 90,000 FIL coins being converted into cash

ChainCatcher news, the People's Court of Baoshan District in Shanghai, under the guidance of the Shanghai High People's Court, successfully disposed of over 90,000 FIL coins. This marks the first successful disposal of virtual currency by Shanghai courts in criminal property enforcement cases.

This disposal adopted the "domestic entrustment, overseas disposal, closed-loop return" model. The People's Court entrusted a third-party institution for the disposal, which provided performance guarantees. The overseas trading segment was then entrusted to qualified overseas agents, completing the disposal on a licensed virtual asset trading platform certified by the Hong Kong Securities and Futures Commission, with a trading price not lower than the average price of the 20 days prior to the transaction date. The funds obtained from the disposal will be converted into the court's exclusive account after going through the national foreign exchange management approval procedures, and will subsequently be confiscated and turned over to the national treasury or returned to the victims in accordance with the law.