TechFlow news, on September 16, according to disclosure from the Shanghai High Court's official account, under the guidance of the Shanghai High People's Court, the Baoshan District People's Court successfully conducted price conversion and disposal of over 90,000 FIL coins. This marks the first time that a Shanghai court has successfully disposed of virtual currency in a criminal property-related enforcement case.
The disposal adopted the model of "domestic commission, overseas disposal, closed-loop repatriation." The people's court commissioned a third-party institution to carry out the disposal. After the third-party institution provided performance guarantees, it sub-commissioned qualified overseas agents to execute transactions on licensed virtual asset trading platforms certified by Hong Kong's Securities and Futures Commission, with transaction prices no lower than the average price over the 20 days preceding the transaction.
Proceeds from the disposal will be converted into RMB after fulfilling state foreign exchange management approval procedures and transferred into the court's dedicated case fund account. The funds will subsequently be confiscated and turned over to the national treasury or returned to victims in accordance with the law.
