The Gulou District Court of Fuzhou dismissed a lawsuit involving 480,000 yuan in USDT investment disputes and transferred the case to the public security authorities.

CoinFeed reported on May 11 that, according to The Paper, the Gulou District People's Court of Fuzhou City recently concluded a dispute arising from cryptocurrency investment. Chen was introduced to Liu, who claimed to have a foreign exchange investment project offering high returns. From October 2023 to April 2024, Chen transferred a total of 480,000 yuan to Liu for investment in the foreign exchange project. After receiving the funds, Liu converted the RMB into USDT and then invested the USDT on an overseas trading platform. In April 2024, Liu informed Chen that the platform had closed. Chen demanded a refund, which Liu refused. Unable to reach an agreement, Chen sued Liu in the Gulou Court. The Gulou Court, after review, determined that the transaction pattern in this case formed a closed loop of "receiving RMB → exchanging for USDT → cross-border transfer → buying and selling foreign exchange," constituting disguised foreign exchange trading. This case involves suspected economic crimes.