China Seeks 61,896 Bitcoin Tied to Alleged $5.7 Billion Fraud Scheme

Chinese prosecutors are seeking confiscation of 61,896.41552945 Bitcoin (BTC) tied to an alleged investment fraud, putting coins held in Britain at the center of legal proceedings in two countries.

The Tianjin Second Intermediate People’s Court accepted the application on Sept. 28 and announced the case Oct. 13. It opened a six-month period for victims and other interested parties to participate, with a hearing to follow the notice period.

Prosecutors allege Qian Zhimin and others raised about $5.7 billion by selling unlicensed investment products from April 2014 through August 2017. The application lists more than 102,000 affected investors, along with Bitcoin and other cryptocurrencies, cash, jewelry and financial assets.

The request concerns coins already held in Britain. On Oct. 12, the U.K. High Court ruled that Chinese law governs the legal questions behind victims’ claims to more than 61,000 BTC, but it did not decide whether individual claimants own any of them.

Qian was sentenced in Britain to 11 years and eight months in 2025 after pleading guilty to offenses involving illegally obtained cryptocurrency and money laundering.