Chinese fraud victims lose key court battle over 61,000 Bitcoin
Summary
London’s High Court ruled that Chinese law, not English law, will govern whether victims of Zhimin Qian’s investment fraud have property rights in 61,000 Bitcoin seized by British authorities. The ruling does not decide ownership; victims’ claims will be assessed in later proceedings using expert evidence on Chinese law. The case will remain in London, and the claimants’ law firm is pursuing an appeal. The victims had argued English law could give them direct ownership claims rather than creditor claims. The seized Bitcoin is valued at more than $5 billion.
