Odaily Planet Daily reported that according to the official account of the Shanghai High Court, the Baoshan District People's Court of Shanghai, under the guidance of the Shanghai Higher People's Court, successfully disposed of more than 90,000 FIL coins. This is the first time that a Shanghai court has successfully disposed of virtual currency in a criminal property enforcement case.

This disposal adopts the "domestic entrustment, overseas disposal, closed-loop reflux" model. The People's Court entrusts a third-party agency to dispose of it. After the third-party agency provides performance guarantee, the overseas transaction link will be transferred to a qualified overseas agent. The disposal will be completed on a licensed virtual asset trading platform certified by the Hong Kong Securities and Futures Commission. The transaction price shall not be lower than the average price of the 20 days before the transaction date.

The funds obtained from the disposal will be converted into RMB and transferred to the court's special account for case funds after completing the national foreign exchange management approval procedures. They will subsequently be confiscated and turned over to the state treasury or returned to the victims in accordance with the law.

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