Bitcoin
China seeks to seize 61,896 Bitcoin in $5.6 billion fraud case
A court in Tianjin has accepted a request by prosecutors to confiscate nearly 62,000 Bitcoin linked to an investment fraud that affected over 102,000 victims.
The Tianjin Second Intermediate People's Court has accepted a formal request from prosecutors to seize 61,896 Bitcoin and various other assets tied to Qian Zhimin. The suspect allegedly orchestrated an investment scheme through Lantian Gree between April 2014 and August 2017, raising more than 40.378 billion yuan ($5.6 billion) with promises of guaranteed repayments and high yields. The scheme resulted in investor losses exceeding 19.977 billion yuan.
Authorities stated that collected funds were diverted to repay earlier participants, buy Bitcoin, fund fraudulent investment projects, and purchase real estate, luxury vehicles, and jewelry. Qian reportedly fled China in July 2017 with a computer containing his cryptocurrency wallet before settling in the United Kingdom.
In addition to Bitcoin, the confiscation order encompasses approximately 72,745 units each of Bitcoin Cash, Bitcoin Gold, and Bitcoin SV, as well as over 3.6 million XRP, more than 70 million Dogecoin, bank balances, and physical valuables. UK law enforcement has already seized assets linked to the investigation, with some crypto holdings converted into alternative forms.
The recovery process remains subject to legal proceedings in the United Kingdom regarding asset ownership and accumulated valuation gains. The UK High Court determined that Chinese law applies to the dispute, while the Crown Prosecution Service indicated victims may seek compensation through Chinese procedures. Law firm Fieldfisher, representing several victims, is seeking to appeal the UK ruling.
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