China Taining Court: The Trust Fund for Legal Affairs: The "USDT" Trust Fund Management Contract is currently not legally protected

BlockBeats News, on February 23, the Taining Court in Fujian, China concluded a contract dispute with "USDT" as the investment object. In 2021, Jiang met Lin through a third party introduction, and they traded "USDT" by establishing a WeChat group. From 2021 to 2022, Jiang transferred approximately 100,000 RMB to Lin through WeChat and bank transfers, and Lin purchased "USDT" for him. Following Lin's instructions, Jiang transferred his held "USDT" to the platform multiple times for Lin to operate. Eventually, all the funds were depleted under Lin's operation, leading Jiang to sue in court.

The court held that the plaintiff Jiang claimed that the relationship between the two parties was a guarantee contract dispute, involving a private entrustment financial management contract related to cryptocurrency investment. According to current financial regulatory policies, issues such as entrusted trading and management of cryptocurrency are not legally protected in China, and the consequences of their actions should be borne by Jiang. Therefore, the court ruled to dismiss Jiang's lawsuit.