Chinese Prosecutors Seek to Confiscate $5.1B in Bitcoin Seized by UK in Qian Case
Summary
Chinese prosecutors are seeking to confiscate 61,896 BTC and other assets seized in the UK from Zhimin Qian, alleging they are proceeds of a fraudulent investment scheme that caused losses of about 19.98 billion yuan to more than 102,000 investors. A Tianjin court has accepted the application and will hear the case after a six-month notice period; victims can apply to participate. Qian was jailed in the UK in 2025. Separately, a UK court ruled Chinese law should govern victims’ claims to the coins, a decision the claimants are appealing. The ruling did not determine who owns the Bitcoin.
