UK court ruling boosts government’s chances of keeping $5 billion in seized bitcoin
Summary
A London High Court ruled that Chinese law, rather than English law, governs claims by victims of a Chinese Ponzi scheme seeking ownership of 61,000 bitcoin seized by U.K. police. The judge found the fraud and resulting losses occurred in China. The ruling does not decide who ultimately receives the bitcoin, but weakens victims’ claims and improves the U.K. Treasury’s chances of keeping the funds. Victims’ lawyers are appealing, and a further hearing will assess whether any can establish an interest in the bitcoin.
