The source warns against buying virtual currencies in China; investment losses and criminal theft are different issues

Cost: No monetary cost. The source advises avoiding purchases and groups promising trading guidance or guaranteed returns. The opportunity cost is missing gains if prices rise.

In plain language: The source describes virtual currencies as not recognized as money in China and certain personal investment transactions as potentially invalid, leaving investors responsible for losses. It recounts an unsuccessful claim to recover approximately 448,000 yuan paid for tether after a platform stopped allowing withdrawals. Criminal theft is treated separately: it describes a virtual-currency thief convicted of theft.

Rules and cases reported by the source: A February 2026 notice, document 42 issued by eight authorities including the People's Bank of China, states that bitcoin, ether and tether lack legal-tender status and must not circulate as currency. It describes fiat-to-virtual-currency exchange, virtual-currency exchange and token financing as illegal financial activities, including provision of such services to domestic users by overseas institutions. It states that investments in virtual currencies, real-world asset tokens and related financial products contrary to public order and good morals constitute invalid civil legal acts, with resulting losses borne by investors. The source says the 2021 notice was repealed while this rule was retained. In the Yixing case it describes, a buyer paid two purported platform merchants 448,000 yuan for tether between February 2018 and July 2019; the platform later became inaccessible and withdrawals failed. The court rejected the recovery claim on the described invalid-investment grounds, and the appeal upheld it. A separate Zhengzhou theft case involved virtual currencies worth over four million yuan; the source reports a seven-year sentence and a 20,000-yuan fine for one thief. Scope: China.

Source author's evidence grade: A; not site verification or professional approval.

Notes: Investment-payment disputes are distinct from criminal theft or fraud, which can still be reported to police. The source recounts a Lianshui case in which scanning a code during a meeting preceded the loss of around 57,000 tether, valued at 393,665.461434 yuan; the cited legal commentary classified it as theft. It also cites a 2022 FBI warning about wallet approvals that can allow unrestricted token transfers. The source advises avoiding wallet connections to uncertain sites and reviewing previously granted transfer permissions. Using one's bank card to receive funds or buy and transfer currencies for others can raise separate criminal concerns; see chapter 9, entry 5. For high-return or guaranteed-return pitches, see this chapter's entry 6; for the source's discussion of legal overseas-asset channels, see entry 38. This source material is not investment advice.

Original source bibliography (titles retained as supplied): 中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中国证监会、国家外汇局 (2026). 关于进一步防范和处置虚拟货币等相关风险的通知（银发〔2026〕42 号，第一、十九条）. https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml（中国证监会发布）；宜兴市人民法院 (2025). 投资虚拟货币受损 风险责任自行承担. https://yx.wxfy.gov.cn/article/detail/2025/09/id/8970543.shtml；【新时代检察好故事】偷了虚拟币 被判盗窃罪 (2024). https://www.yw.gov.cn/art/2024/2/2/art_1229143073_59471301.html（义乌市人民政府网转载）；人民法院报 (2024). 非法窃取虚拟货币行为的刑法定性. http://www.sdcourt.gov.cn/jningzcfy/386500/386502/31441533/index.html（邹城市人民法院网转载）；Federal Bureau of Investigation (2022). Scammers Target and Exploit Owners of Cryptocurrencies in Liquidity Mining Scam (Alert Number I-072122-PSA). https://www.ic3.gov/PSA/2022/PSA220721