Chinese Prosecutors Seek Confiscation of $5.1B in Bitcoin Seized in UK Qian Fraud Case

Tianjin prosecutors applied to confiscate 61,896 BTC and other assets linked to Zhimin Qian, who allegedly raised over 40.38 billion yuan from the public between April 2014 and August 2017 through unlicensed fake wealth management products, resulting in losses of about 19.98 billion yuan for over 102,000 investors. The assets, valued at about $5.1 billion, are held in the UK, where a High Court ruled that Chinese law should govern victims' claims to the Bitcoin. The Tianjin No. 2 Intermediate People's Court accepted the application on September 28 and published a notice on October 13.