The Shanghai court successfully handled virtual currency in criminal cases for the first time, with more than 90,000 FIL coins being disposal

According to ChainCatcher, under the guidance of the Shanghai Higher People's Court, the Baoshan District People's Court of Shanghai successfully disposes more than 90,000 FIL coins in price. This is the first time that the Shanghai court has successfully disposed of virtual currency in criminal property-related execution cases. This disposal adopts the "domestic entrustment, overseas disposal, closed-loop return" model, and is entrusted by a third-party agency to handle the disposal by the people's court. After the third-party agency provides performance guarantees, it will transfer the overseas transaction link to a qualified overseas agent, and complete the disposal on a licensed virtual asset trading platform certified by the Hong Kong Securities Regulatory Commission. The transaction price is not lower than the average price 20 days before the transaction date. The funds from the disposal shall be transferred to the exclusive account of the court's case funds after completing the national foreign exchange management approval procedures. They shall be confiscated and handed over to the state treasury or returned to the victim in accordance with the law.