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Chinese Court Dismisses 480,000 Yuan USDT Forex Scheme Lawsuit, Refers Case to Police on May 11

GateNews
Enforcement ActionsRegulation & Policy
According to BlockBeats, on May 11, a Chinese court dismissed an investor's lawsuit over a failed USDT forex scheme. The investor, Chen, had invested 480,000 yuan through an intermediary, with funds converted to USDT and transferred to an offshore trading platform, which subsequently closed, resulting in significant losses. The Fuzhou Gulou District People's Court ruled that the transaction formed a complete cycle of converting yuan to USDT, transferring funds overseas, and trading foreign currency, effectively circumventing forex regulations and violating financial order. The case has been referred to police for further investigation.
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