China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme
Chinese prosecutors are seeking to confiscate more than 61,800 bitcoin and other assets tied to an alleged 40.378 billion-yuan fraud that raised funds from over 102,000 investors. The scheme’s controller, Qian Zhimin, allegedly used proceeds to buy crypto and other assets before fleeing to the UK in 2017, where authorities seized them. A Tianjin court accepted the confiscation request and opened a six-month period for victims and interested parties to join the case; victims may still seek refunds from recovered assets without joining. The move follows a UK High Court ruling that Chinese law should govern victims’ claims to the seized bitcoin. Further proceedings will assess whether claimants have property rights under Chinese law, and some victims’ lawyers plan to appeal.
