🇨🇳Shanghai Court Successfully Disposes of Virtual Currency in a Criminal Case for the First Time, Completes Sale of Over 90,000 FIL Coins According to the Shanghai High Court's official account, the Baoshan District People's Court, under the guidance of the Shanghai Higher People's Court, successfully disposed of over 90,000 FIL coins. This marks the first successful virtual currency disposal by a Shanghai court in a criminal property enforcement case. This disposal adopted a "domestic entrustment, overseas disposal, and closed-loop repatriation" model. The People's Court entrusted a third-party institution to dispose of the assets. After the third-party institution provided a performance guarantee, the overseas transaction was transferred to a qualified overseas agent. The disposal was completed on a licensed virtual asset trading platform certified by the Hong Kong Securities and Futures Commission. The transaction price was no less than the 20-day average price before the transaction date. The proceeds from the disposal were converted into RMB and transferred to the court's dedicated case fund account after completing national foreign exchange management approval procedures. They will subsequently be confiscated and paid into the state treasury or returned to the victim in accordance with the law.