Add as a preferred source on GoogleUK Court Puts 61,000-Bitcoin Seizure Closer to Government Retention
The ruling requires fraud victims to pursue ownership claims under Chinese law but does not decide who owns or receives the Bitcoin.
London’s High Court ruled Oct. 12 that Chinese law will govern fraud victims’ claims to more than 61,000 Bitcoin (BTC), strengthening the UK government’s position in a major asset-recovery case.
The decision addresses a preliminary legal issue involving Zhimin Qian, but does not determine who owns the Bitcoin, how it will be distributed or whether the government will ultimately keep it. Claimants must establish their proprietary rights under Chinese law before seeking declarations under the UK’s Proceeds of Crime Act.
The holdings are valued at roughly $5 billion based on a Bitcoin price of about $83,200. The Bitcoin was acquired with proceeds from investment schemes operated in China between 2014 and 2017 and later held in England.
Court records link the schemes to at least 128,409 investment contracts. Investors paid about RMB 40.23 billion into the schemes, while approximately RMB 34.1 billion was repaid to some participants.
Qian was sentenced to 11 years and eight months in November 2025 after pleading guilty to cryptocurrency-related criminal-property and money-laundering offenses.
The court said the content and application of Chinese law, along with the validity of individual claims, will be addressed in later proceedings.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.