ChainCatcher cited a Caixin article titled "The Collapsing Balance Sheet of a Boxing Champion," which said that for six individual friends who are creditors of Chinese boxing star Zou Shiming and his wife, money put into P2P products and virtual currencies is the only category of loss that may still be subject to recovery. The report contrasted those funds with other losses it described as irreversible sunk costs, including property that has already been sold, luxury goods that were liquidated at a discount, gym renovation spending that has been written off, and cross-industry projects that have already shut down. Caixin said the situation is different for P2P and crypto holdings because, if a platform has not been fully liquidated or if wallet addresses can still be traced, there is at least a theoretical path for subrogation-based recovery. As an example, the report said 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.
ChainCatcher reported that Caixin, in an article titled "The Collapsing Balance Sheet of a Boxing Champion," said funds invested in P2P products and virtual currencies may be the only losses that still carry a chance of recovery for six individual friends who are creditors of Zou Shiming and his wife.
According to the report, property has already been sold, luxury goods have already been disposed of at discounted prices, boxing gym renovation spending has already been written off, and cross-industry projects have already been shut down. Caixin described those items as irreversible sunk costs.
The article said P2P and virtual currency funds are different because, if the platform has not been fully liquidated or if wallet addresses remain traceable, there is theoretically still room for subrogation-based recovery.
Caixin also cited an example involving Beijing prosecutors, saying they previously used penetrating review methods along with blockchain big-data analysis tools to trace virtual currency flows and successfully recover more than 89 million yuan in illicit proceeds.
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