PANews 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. Mr. Chen was introduced to Mr. Liu, who claimed to have a foreign exchange investment project offering high returns. From October 2023 to April 2024, Mr. Chen transferred a total of 480,000 yuan to Mr. Liu for investment in the foreign exchange project. After receiving the funds, Mr. Liu converted the RMB into USDT and then invested the USDT on an overseas trading platform. In April 2024, Mr. Liu informed Mr. Chen that the platform he had invested in had closed down. Mr. Chen demanded a refund, but Mr. Liu refused. Unable to reach an agreement, Mr. Chen sued Mr. Liu in the Gulou Court.

After review, the Gulou District Court determined that the transaction pattern in this case formed a closed loop of "receiving RMB → exchanging USDT → cross-border transfer → buying and selling foreign exchange," constituting a disguised form of foreign exchange trading. This case is suspected of economic crime. The court dismissed Chen's lawsuit and transferred the relevant materials to the public security authorities for further investigation. Both Chen and Liu appealed the first-instance ruling, but the Fuzhou Intermediate People's Court rejected the appeals and upheld the original ruling.