Chinese Prosecutors Seek Confiscation of 61,800 BTC in $5.7 Billion Fraud Case

Chinese prosecutors are seeking to confiscate over 61,800 BTC and other assets linked to an alleged $5.7 billion fraud that affected more than 102,000 investors. The scheme, run by Qian Zhimin, involved selling unlicensed wealth-management products from 2014 to 2017, raising over 40.378 billion yuan, resulting in nearly 20 billion yuan in losses for victims. The seized assets, including the BTC, were previously held in Britain, where a UK High Court ruled that Chinese law should govern victims' claims, and a Chinese court has opened a six-month period for interested parties to join the confiscation case.