Elderly couple's claim for compensation of virtual asset investment rejected... Oral consignment contract invalid

A Chinese court in Fusui County, Guangxi, dismissed an elderly couple's compensation claim over crypto investment losses and ruled their oral entrustment agreement invalid. The couple had entrusted roughly 60,000 yuan of retirement savings to an intermediary after being pitched on a overseas platform's mining-machine investment that promised quick principal recovery and long-term payouts. After the platform shut down, they sued both the person who introduced the investment and the person who managed the funds, seeking to recover their losses. The court's central question was whether the entrusted manager must cover losses caused by the platform's closure, and it held that crypto assets lack the legal status and compulsory circulation of legal tender. The ruling adds to a pattern of Chinese courts treating crypto-related arrangements cautiously and declining to enforce oral mandates, leaving investors to bear platform-failure risk. What to watch next is whether the couple appeals and whether higher courts clarify when intermediaries can be held liable for crypto platform collapses.