Add as a preferred source on GoogleTianjin Prosecutors Seek Confiscation of 61,896 Bitcoin in UK
A court accepted the petition in September and opened a six-month notice period. A UK High Court ruling said Chinese law governs victims' claims but did not decide ownership.
Tianjin prosecutors have asked a Chinese court to confiscate 61,896.41552945 Bitcoin (BTC) linked to Qian Zhimin, opening a forfeiture case over cryptocurrency held in Britain after a seizure by British authorities.
A court in Tianjin accepted the application Sept. 28 and issued a public notice Oct. 13. The request covers BTC alongside other digital assets, cash, jewelry, bank deposits and investments.
The notice gives interested parties six months to apply to join. Those who do not participate will not lose the right to seek a later repayment. Prosecutors invoked China's procedure for confiscating property linked to a suspect who has fled and cannot be brought before a court.
Prosecutors allege Qian sold fraudulent investment products from April 2014 to August 2017, harming more than 102,000 investors. They say she left China in July 2017 with a computer storing Bitcoin wallet data.
The case follows an Oct. 12 UK High Court ruling that Chinese law governs victims' claims to the assets. The ruling did not determine whether victims own the Bitcoin. Tianjin's notice period must run for six months before the court holds a hearing.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.