Add as a preferred source on GoogleChina Court Opens Forfeiture Proceedings for 61,896 Bitcoin
The application also covers other cryptocurrencies, cash, jewelry and financial holdings. Interested parties have six months to assert claims.
A court in Tianjin, China, has accepted prosecutors’ application to forfeit 61,896.41552945 Bitcoin (BTC) tied to the Qian Zhimin case, opening a six-month window for relatives and other interested parties to claim rights to the property.
The Tianjin No. 2 Intermediate People’s Court accepted the application Sept. 28 and published its notice Oct. 13. The requested assets include Bitcoin seized by British authorities, other cryptocurrencies, cash, jewelry and financial holdings.
Prosecutors allege Qian controlled Tianjin Lantian Gerui Electronic Technology Co., which raised money through unlicensed investment products from April 2014 to August 2017. They allege more than 102,000 participants suffered losses.
Accepting the application does not finalize forfeiture. The court will hear it after the notice period, and any amounts legally owed to affected investors will be returned before remaining property is forfeited.
A separate U.K. court decision on Oct. 12 left investor claims undecided, applying Chinese law to determine whether they hold ownership rights in the Bitcoin.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.