Bitcoin Investor Sues Huobi Over ¥400,000 in Losses

Bitcoin Investor Sues Huobi Over ¥400,000 in LossesA bitcoin investor sued the Huobi exchange to recover 400,000 yuan he lost while trading.

Too Much Pressure Trading Bitcoin

 

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.

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