Tianjin court considers confiscation of 61,000 Bitcoin linked to Chinese fraud

A court in Tianjin, China, has accepted a prosecutor's application to confiscate more than 61,000 Bitcoin (BTC) linked to an investment fraud scheme operated by Qian Zhimin. The assets, valued at approximately $5 billion as of mid-October, are currently under British control following investigations into Qian's activities.

Between 2014 and 2017, Qian operated investment schemes, primarily through Tianjin Lantian Gerui Electronic Technology Co Limited, which collected roughly 40 billion yuan from over 128,000 victims. A portion of these funds was used to purchase Bitcoin. Qian, who fled China under a false identity, was sentenced to over eleven years in prison in the United Kingdom after pleading guilty to fraud.

The legal proceedings involve complex jurisdictional disputes. While the Tianjin court is examining the confiscation of the assets, the UK High Court ruled on October 12 that Chinese law will determine the property rights claimed by the victims. Under English law, which governs the civil recovery procedure in Britain, investors must establish a direct interest in the Bitcoin itself rather than just a claim for the repayment of the original funds invested.