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UK High Court rules Chinese law applies to 61,000 seized Bitcoins
The UK High Court has ruled that Chinese law will govern ownership claims for more than 61,000 Bitcoin seized by British authorities. The cryptocurrency, valued between £3.8 billion and $5 billion, was recovered following a massive investment fraud scheme operated by Qian Zhimin (also known as Yadi Zhang) through Tianjin Lantian Gerui Electronic Technology between 2014 and 2017.
Justice Mark Turner determined that because the fraudulent activities, the initial investments, and the original purchase of the Bitcoin occurred in China, Chinese law is the appropriate legal framework for assessing property rights. This decision is a significant setback for approximately 16,000 Chinese investors who sought to apply English law to their claims, which might have allowed them to pursue the significant price appreciation of the Bitcoin since its seizure.
While the ruling establishes the legal framework, it does not yet determine whether the victims actually own the assets or how they will be distributed. The Bitcoin remains under the control of the UK government. Legal representatives for the investors, including the firm Fieldfisher, have indicated plans to appeal the decision, with hearings potentially expected in 2027.
Entities
Blue Sky Green · China · Huobi · Qian Zhimin · Tianjin Lantian Gerui Electronic Technology · UK High Court · United Kingdom
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 9 SOURCES] The UK High Court ruled that Chinese law applies to ownership claims of the seized Bitcoin. www.bitcoinsistemi.com · coin-turk.com · en.bitcoinsistemi.com · www.blocktempo.com · blogtienao.com · +4 more
- [● 5 SOURCES] The UK High Court rejected claims based on British property and asset tracking regulations. en.bitcoinsistemi.com · www.blocktempo.com · blogtienao.com · www.tronweekly.com · cryptoslate.com
- [● 9 SOURCES] British authorities have seized more than 61,000 Bitcoin. www.bitcoinsistemi.com · coin-turk.com · en.bitcoinsistemi.com · www.blocktempo.com · blogtienao.com · +4 more
- [● 7 SOURCES] The fraud involved approximately 40.23 billion yuan. www.bitcoinsistemi.com · coin-turk.com · en.bitcoinsistemi.com · www.blocktempo.com · blogtienao.com · +2 more
- [● 5 SOURCES] The ruling does not determine if investors actually own the Bitcoin. coin-turk.com · www.blocktempo.com · blogtienao.com · www.tronweekly.com · cryptobriefing.com
- [● 4 SOURCES] Qian Zhimin, also known as Yadi Zhang, operated the fraudulent scheme. coin-turk.com · cryptobriefing.com · cryptoslate.com · news.bitcoin.com
- [● 5 SOURCES] British police seized electronic devices and access keys in 2018. www.bitcoinsistemi.com · en.bitcoinsistemi.com · blogtienao.com · cryptobriefing.com · cryptoslate.com
- [● 8 SOURCES] The fraudulent activities occurred in China between 2014 and 2017. www.bitcoinsistemi.com · coin-turk.com · en.bitcoinsistemi.com · www.blocktempo.com · blogtienao.com · +3 more