Shanghai court successfully disposed of virtual currency in a criminal case for the first time, with over 90,000 FIL tokens sold at a discounted pric

according to the Shanghai High People's Court public account, the Baoshan District People's Court of Shanghai successfully disposed of more than 90,000 FIL coins under the guidance of the Shanghai High People's Court, marking the first successful disposal of virtual currency in criminal property execution cases by Shanghai courts.

This disposal adopted the "domestic entrustment, overseas disposal, closed-loop return" model. The People's Court entrusted a third-party institution to handle the disposal. After the third-party institution provided performance guarantees, the overseas trading process was entrusted to qualified overseas agents. The disposal was completed on a licensed virtual asset trading platform certified by the Hong Kong Securities and Futures Commission, with the transaction price not lower than the average price of the previous 20 days.

The funds obtained from the disposal will be converted into the court's dedicated account after obtaining approval from the national foreign exchange management procedures. Subsequently, they will be confiscated and turned over to the national treasury or returned to the victims in accordance with the law.