Can lost or stolen Bitcoins be recovered? A Jinan court ruled on a "Bitcoin loss case"!

Bitcoin is a virtual encrypted digital currency in the form of P2P. It is not issued by a specific monetary institution and is only traded online. According to the latest price, 1 Bitcoin is worth more than 60,000 RMB. As its price continues to rise, many people have joined in Bitcoin transactions.

Basic facts

The defendant, a certain information technology company, opened a website called "Biter.com" on the Internet. The website is a virtual currency Bitcoin (BTC) trading platform. After the plaintiff Wang registered an account on Biter.com, he began to trade Bitcoin (BTC) on the website. On February 14, 2015, the 21.7267 Bitcoins (BTC) that the plaintiff Wang deposited on Biter.com were lost. Wang asked the website to compensate for the lost Bitcoins, but the defendant, a certain information technology company, only compensated Wang for 2.1212 Bitcoins (BTC), and the remaining 19.6055 Bitcoins (BTC) had not been repaid as of July 7, 2017. The plaintiff Wang believed that the defendant, as the operator and manager of Biter.com, should fulfill the most basic security and custody obligations for the Bitcoins deposited by the plaintiff on the website, so he filed a lawsuit with this court, demanding that the defendant return the remaining 19.6055 Bitcoins.

Trial Results

After trial, this court held that the plaintiff Wang and the defendant information technology company did not sign a relevant contract, and the evidence submitted by Wang were all printouts, and the original carrier of the evidence could not be submitted. Wang claimed that the company should return his 19.6055 bitcoins, but he could not submit sufficient evidence to prove the fact that his bitcoins on the website involved in the case had decreased and the specific amount. The evidence was insufficient and the court did not accept it. In accordance with Article 64 and Article 142 of the Civil Procedure Law of the People's Republic of China and Article 2 of the Several Provisions of the Supreme People's Court on Evidence in Civil Litigation, the plaintiff Wang's lawsuit request was dismissed. The plaintiff Wang was dissatisfied with the judgment of this court and appealed to the Jinan Intermediate People's Court. The Jinan Intermediate People's Court dismissed the appeal in accordance with the law and upheld the original judgment.

Judge's opinion

Judge Qu Jinsong of Jinan High-tech Court reminded: Since virtual currency such as Bitcoin is not a real currency and cannot be circulated and used in the market, investors participating in the sale of such commodities shall bear their own risks. In addition, it is necessary to be cautious when signing online contracts. When signing online contracts, it is necessary to read the contract content carefully and pay attention to the preservation of evidence of online contracts. You can take screenshots, take photos, record videos, etc. In the case of litigation, you can take evidence notarization, etc., to protect your legal rights and interests in accordance with the law.

Source: Jinan High-tech Court