Caixin said that in the debt case involving Chinese boxer Zou Shiming and his wife, funds put into P2P products and virtual currencies are among the few assets that may still be subject to recovery for six individual creditors who are friends of the couple. The report, cited by Odaily, contrasted those holdings with other losses that are seen as sunk costs, including property that has already been sold, luxury goods that have been marked down, boxing gym renovation spending that has been written off, and cross-industry projects that have already been shut down. According to the report, if a P2P platform has not been fully liquidated, or if wallet addresses tied to virtual currency holdings can still be traced, there is still a theoretical path for subrogation recovery. Caixin also pointed to an earlier case in Beijing in which prosecutors used penetrating review methods together with blockchain big-data analysis tools to track virtual currency flows and recover more than 89 million yuan in illicit funds.
Odaily reported, citing Caixin, that in the debt case involving Zou Shiming and his wife, funds invested in P2P products and virtual currencies are among the few assets that may still be recoverable for six individual creditors who are friends of the couple.
P2P and crypto seen as among the few assets with recovery potential
The report said property has already been sold, luxury goods have been discounted, boxing gym renovation spending has been written off, and cross-industry projects have been shut down. Those assets are described as sunk costs that are difficult to recover.
Caixin said that if a P2P platform has not been fully liquidated, or if wallet addresses tied to virtual currencies can still be traced, there is still, in theory, room for subrogation recovery.
Beijing case cited as prior example
The report also noted that Beijing prosecutors previously used penetrating review methods together with blockchain big-data analysis tools to trace the flow of virtual currencies and successfully recover more than 89 million yuan in illicit funds.
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