# China Seeks To Confiscate Nearly 62,000 Bitcoin Tied To Fraud Case

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/38924
Published: 2026-10-23T11:32:02.000Z
Updated: 2026-10-23T11:32:02.000Z
Section: Regulation

> A Tianjin court accepted prosecutors’ application Sept. 28. British authorities seized roughly 61,900 BTC after Qian Zhimin fled in 2017.

A Tianjin court accepted prosecutors’ application to confiscate nearly 62,000 Bitcoin (BTC) tied to alleged fraud, putting holdings valued at about $5 billion into China’s asset recovery process.

On Sept. 28, the Second Intermediate People’s Court of Tianjin accepted the application to confiscate Qian Zhimin’s illicit assets. British authorities seized roughly 61,900 BTC, along with cash, jewelry and other cryptocurrencies, after Qian fled to the United Kingdom in July 2017 with computers holding the wallets.

Prosecutors allege Qian controlled Tianjin Lantian Gerui Electronic Technology and recruited associates to sell fake wealth-management products nationwide from 2014 to 2017, raising about $2.8 billion. The products promised guaranteed returns; prosecutors allege investor money was used to pay earlier participants and acquire bitcoin and other assets.

The UK High Court recently ruled that Chinese law applies to ownership disputes over the seized BTC. Further hearings will determine whether victims can prove they are entitled to the assets. Victims can register for recovery proceedings through WeChat during a six-month notice period before a formal trial begins.