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UNITianjin prosecutors seek confiscation of 61,896 BTC seized in UK Qian case
Prosecutors in Tianjin have applied to confiscate Bitcoin and other assets linked to Zhimin Qian, held in the UK, and a local court has accepted the case.
Why it matters: The case tests whether victims of an alleged fraud can claim cryptocurrency held in another country, with $5.1bn in Bitcoin at stake.
Key points
- Tianjin No. 2 Intermediate People's Court accepted the application on 28 September and published a notice on 13 October.
- Prosecutors say Qian's scheme raised more than 40.38bn yuan and left over 102,000 investors with losses of about 19.98bn yuan.
- The UK High Court ruled on 12 October that Chinese law should govern victims' claims to the coins, and Fieldfisher is seeking to appeal.
The Tianjin No. 2 Intermediate People's Court accepted the application on 28 September and published its notice on 13 October.
Dollar, euro and pound cash, jewellery, bank balances and investment portfolios are included too.
According to the application, the scheme raised more than 40.38bn yuan, most of it not used for genuine business, leaving over 102,000 investors with losses of about 19.98bn yuan.
What to watch: The court's notice period runs for six months, after which it will hear the confiscation case.
Live updates on NewsFeeds:RegulationBitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.