The first case of Bitcoin property infringement dispute in Hangzhou Internet CourtCourt verdict. The court found that the plaintiff dismissed all the claims based on the deficiencies. However, in this case, the court first identified the attributes of the virtual property of digital currency such as Bitcoin.
The Hangzhou Internet Court stated that Bitcoin has the value, scarcity, and disposable nature of property as a right object, and should be recognized as its virtual property status. The plaintiff spent nearly 20,000 yuan in the Bitcoin fever in 2013 to purchase 2.675 bitcoins, but did not transfer to their own wallet, but left the wallet controlled by the platform (FXBTC).
After the Bitcoin fever reappeared in 2017, he went to the platform to get back bitcoin and found that FXBTC was closed. The plaintiff therefore sued the operator of FXBTC and demanded compensation for the loss at the price of the bitcoin at the time of the indictment. However, the court held that the plaintiff’s claim to the defendant’s liability for infringement was insufficient and rejected all claims.