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Bitcoin Investor Sues Huobi Over ¥400,000 in Losses


Wang Tieliang filed a lawsuit against Huobi and its two partners in Beijing to invalidate his bitcoin trades on the exchange. According to Wang, he deposited 1.4 million yuan at Huobi to speculate on bitcoin in October of 2016. But within a few months, he couldn't handle the pressure to see himself losing money, and cashed out once and for all.

The plaintiff told the court that his trades at Huobi should be invalidated because bitcoin doesn't exist:

Bitcoin does not exist and is not a legal tender. Marxism says that a commodity  should have price and value and clearly bitcoin can not be classed as a commodity. Besides, bitcoin is not a real currency for it is not issued by the central bank. Therefore, it shall not be used to trade or as a payment method.

Huobi argued that Wang doesn't understand what bitcoin is. And it's not Huobi that traded with him, it's other users at the platform. Huobi only serves as a third-party platform that has been operating lawfully. Huobi added that the price of bitcoin is decided by the market, not by the platform.

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