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Alipay Account Assets Frozen by Shanghai Court
 

Written by Miranda Chen, on February 25, 2008

Tags : Alipay, virtual assets, virtual currency,

According to this article, on the request of an advertisement company, an online apparel sale company's Alipay account was frozen by a court in Shanghai as part of a contract dispute. This is one of the first times a Chinese court has successfully take action on online virtual assets.

 

After the request was raised, a person in the court left for Alipay's headquarters to freeze the account (with the help of Alipay).

 

Because users can deposit money in make online payments through an Alipay account, it has some of the characteristics of a bank account. This ruling shows that for legal disputes, Alipay accounts can also be treated as bank accounts and "frozen".

 

 

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