TechFlow reports, according to The Paper, that the Chongqing Liangjiang New Area (Free Trade Zone) People's Court recently concluded a highly watched entrustment contract dispute case involving the purchase of virtual currency through a pyramid scheme organization. Plaintiff Qin entrusted defendant Zhou to register as a member and purchase virtual currency on a pyramid scheme organization's online platform, investing a total of 223,500 yuan. Later, the pyramid scheme's online platform suddenly shut down, making transactions impossible. After reviewing the case, the court ruled that the entrustment contract violated mandatory provisions of national laws and administrative regulations and should therefore be deemed invalid. Based on the degree of fault of both parties, the court ordered defendant Zhou to return 106,700 yuan to plaintiff Qin. After the first-instance judgment, Zhou appealed. The Chongqing No.1 Intermediate People's Court issued a second-instance ruling dismissing the appeal and upholding the original judgment. The judgment has now taken effect and has been automatically fulfilled.
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