On February 21, according to Mankiw: Recently, the Jiangsu Provincial High Court released a typical foreign-related case. In the case, a Singaporean investor cooperated with a Chinese citizen to invest in cryptocurrencies. The court ruled that the "contract is invalid and the risk is at its own risk", and the Singaporean investor's millions of principal were lost. The Chinese court directly ruled that the contract was invalid, on the grounds that virtual currency investment is an illegal financial activity in China and violates public order and good customs.