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2 clusters · 19 sources · 9 days · First seen · Last updated

UK-China Bitcoin seizure legal dispute

Overview

A legal dispute has emerged regarding the ownership of over 61,000 Bitcoin, valued between £3.8 billion and $5 billion, which were seized by British authorities. The assets are linked to an investment fraud scheme operated by Qian Zhimin through Tianjin Lantian Gerui Electronic Technology between 2014 and 2017.

On October 12, the UK High Court ruled that Chinese law would govern ownership claims for the cryptocurrency, as the fraudulent activities and initial purchases occurred in China. This decision impacts approximately 16,000 Chinese investors who sought to apply English law to their claims. While the ruling establishes the legal framework, it does not yet determine asset distribution, and legal representatives have indicated plans to appeal.

Following this, a court in Tianjin, China, accepted a prosecutor’s application to confiscate the Bitcoin. The proceedings highlight a complex jurisdictional conflict: while the assets remain under British control, Chinese authorities are moving to formalize the confiscation of the funds used in the scheme, which reportedly collected roughly 40 billion yuan from over 128,000 victims.

Entities

Qian Zhimin · United Kingdom · Blue Sky Green · China · High Court

Timeline

  1. [BUSINESS] 5 sources
    Tianjin court considers confiscation of 61,000 Bitcoin linked to Chinese fraud

    A Chinese court is considering the confiscation of 61,000 Bitcoin linked to Qian Zhimin's multi-billion dollar fraud scheme, while legal disputes continue in the UK over victim ownership rights.

  2. [INTERNATIONAL] 16 sources
    UK High Court rules Chinese law applies to 61,000 seized Bitcoins

    A UK High Court ruling has determined that Chinese law, rather than English law, will govern ownership claims for over 61,000 seized Bitcoins linked to a major Chinese investment fraud.

Sources

bitcoinsistemi.com · blocktempo.com · blogtienao.com · coin-turk.com · coincu.com · coindeskjapan.com · crypto-times.jp · cryptoast.fr · cryptobriefing.com · cryptonews.com.au · cryptoslate.com · en.bitcoinsistemi.com · it-boltwise.de · journalducoin.com · news.bitcoin.com · nosmokesport.com · spacemoney.com.br · tokenpost.com · tronweekly.com