涉虚拟货币涉众型经济犯罪退赔数额认定机制研究

Research on the Determination Mechanism of Compensation Amounts in Virtual Currency-Related Economic Crimes Involving a Large Number of Victims

摘要: 在涉众型经济犯罪中，被害人退赔数额通常依据个人损失比例进行确定。然而，在涉及虚拟货币的案件中，由于虚拟货币价值认定范围尚存争议，且其价格波动剧烈，由此在司法实践中形成了“被害人支出成本法”“市场价格法”“销赃数额法”等多种数额认定方法；而在具体计算时点的选择上，也存在“行为时”“行为中最低价”等不同基准，导致损失比例与最终退赔数额的认定均面临较大困难。为解决上述难题，应明确以“市场价格法”为退赔数额计算的基本方法，并以“行为时均价”为计价基准，其中“行为时”宜界定为“平台无法提现之日”。

Abstract: In economic crimes involving a large number of victims, the amount of compensation to victims is typically determined based on the proportion of each individual’s loss. However, in cases involving virtual currencies, due to ongoing disputes over the scope of virtual currency valuation and their sharp price fluctuations, various valuation methods have emerged in judicial practice, such as the “victim’s expenditure cost method”, “market price method”, and “proceeds from disposal method”. Regarding the specific timing of valuation, different benchmarks are also adopted, including “time of the act” and “lowest price during the act”, which create considerable difficulties in determining both the loss ratio and the final compensation amount. To address these challenges, the “market price method” should be established as the basic approach for calculating compensation amounts, with the “average price at the time of the act” as the valuation benchmark, where the “time of the act” is appropriately defined as “the date when the platform becomes unable to process withdrawals”.