According to Mankiw, the Jiangsu Provincial High Court recently released a typical foreign-related case, in which a Singaporean investor cooperated with a Chinese citizen to invest in cryptocurrency. The court ruled that the contract was invalid and the risk was borne by the investor, resulting in the Singaporean investor losing millions of principal. The Chinese court directly ruled that the contract was invalid on the grounds that virtual currency investment in China is an illegal financial activity that violates public order and good customs.