Chinese court opens case to confiscate 61,896 Bitcoin seized by UK
A court in Tianjin has launched domestic proceedings to forfeit 61,896 bitcoin seized by British authorities from convicted fraudster Qian Zhimin, alongside other crypto and fiat assets valued in the billions.
The Tianjin No. 2 Intermediate People's Court has initiated a domestic proceeding to confiscate 61,896 bitcoin held by UK authorities following the conviction of fraudster Qian Zhimin, according to Unchained. Valued at roughly $5.1 billion, the bitcoin cache forms part of an illegal gains forfeiture application submitted by the Tianjin People's Procuratorate Second Branch on Sept. 28 and accepted by the court on Oct. 13.[3][2][1]
The forfeiture application extends beyond bitcoin to include roughly 72,700 bitcoin cash, 3.6 million XRP, bitcoin SV, and bitcoin gold. Chinese prosecutors are also targeting proceeds from approximately 70 million dogecoin already liquidated by British authorities, alongside seized jewelry, investment holdings, bank deposits, and cash held in U.S. dollars, euros, and British pounds.[3]
The notice followed a London High Court ruling that Chinese law should govern whether victims hold rights to the frozen crypto. Qian, who fled China in 2017 after orchestrating a 40.4 billion yuan fundraising fraud through Tianjin Lantian Gerui Electronic Technology that left roughly 102,000 investors with nearly 20 billion yuan in losses, was arrested by UK police in 2024 and sentenced in London to 11 years and eight months in prison. The Tianjin court notice establishes a six-month window for interested parties and relatives to apply to join the proceeding, while parallel legal processes continue in the UK.[3][4]
Key facts
- The Tianjin No. 2 Intermediate People's Court accepted an application on Sept. 28 from prosecutors to forfeit illegal gains from Qian Zhimin, issuing a notice on Oct. 13.
- The forfeiture filing targets 61,896 bitcoin seized by UK authorities, valued at approximately $5.1 billion.
- The application also covers about 72,700 bitcoin cash, 3.6 million XRP, bitcoin SV, bitcoin gold, proceeds from roughly 70 million sold dogecoin, cash in dollars, euros, and pounds, jewelry, and bank deposits.
- Qian controlled Tianjin Lantian Gerui Electronic Technology, which took in 40.4 billion yuan and caused nearly 20 billion yuan in losses across about 102,000 investors before she fled China in July 2017.
- Qian was arrested in the UK in April 2024 and sentenced in London in November 2025 to 11 years and eight months in prison.
- The Tianjin court's notice opened a six-month window for Qian's relatives and other interested parties to register for the proceedings.
Sources · 4 sources
- DE
Decrypt@DecryptMediaPost on X ·
Chinese Prosecutors Seek to Confiscate $5.1B in Bitcoin Seized by UK in Qian Case https://t.co/7N9oDUnDtT
Open source - LS
Laura Shin@laurashinPost on X ·
A court in Tianjin, China, has accepted prosecutors' request to forfeit 61,896 BTC seized in the UK from convicted fraudster Qian Zhimin. The notice opens a six-month window for interested parties. https://t.co/iNHFPnQRGu
Open source - UN
UnchainedArticle ·
China Opens Its Own Case to Confiscate 61,896 Bitcoin Held by UK Authorities A court in the northern Chinese city of Tianjin has opened a domestic proceeding to confiscate 61,896 bitcoin that British authorities seized from convicted fraudster Qian Zhimin , setting up a second legal track for coins worth about $5.1 billion at a bitcoin price of roughly $82,200, according to CoinGecko data . The Tianjin No. 2 Intermediate People’s Court reportedly published a notice on Oct. 13 saying it had accepted, on Sept. 28, an application from the Tianjin People’s Procuratorate Second Branch to forfeit Qian’s illegal gains. The notice came one day after a High Court judge in London ruled that Chinese law should decide whether victims hold rights in the frozen bitcoin. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . What Prosecutors Want Beyond the bitcoin, the application covers about 72,700 bitcoin cash, roughly 3.6 million XRP, bitcoin SV and bitcoin gold. It also reaches the proceeds of about 70 million dogecoin that UK authorities already sold, along with cash in dollars, euros and pounds, jewelry, bank deposits and investment holdings. The crypto, cash and jewelry were seized by UK authorities. Prosecutors argued that Qian fled and could not be found after a year on a wanted list, and that the seized property is criminal proceeds that should be forfeited, apart from sums returned to victims. The court said evidence showed Qian committed fundraising fraud . Its notice described her as the actual controller of Tianjin Lantian Gerui Electronic Technology , which from April 2014 to August 2017 sold fake wealth-management products that promised guaranteed principal and high returns. The scheme took in about 40.4 billion yuan, and roughly 102,000 investors lost close to 20 billion yuan. Six-Month Window The notice opens a six-month period in which Qian’s close relatives and other interested parties can apply to join. Victims can register through a WeChat mini program. Those who stay out still qualify for refunds from any recovered assets, according to Yicai Global . The UK Case Qian left China in July 2017 with a computer holding her bitcoin wallet and eventually reached Britain. UK police arrested her in April 2024, and a London court sentenced her in November 2025 to 11 years and eight months in prison. The UK’s Crown Prosecution Service has said further hearings will determine whether victims can prove an interest in the coins. Fieldfisher, a law firm representing some victims, has said it is seeking to appeal the ruling on governing law. Related Listen: How Crypto Can Survive If AI or Quantum Computers Break Its Cryptography The post China Opens Its Own Case to Confiscate 61,896 Bitcoin Held by UK Authorities appeared first on Unchained .
Open source - DE
DecryptArticle ·
Chinese Prosecutors Seek to Confiscate $5.1B in Bitcoin Seized by UK in Qian Case A Tianjin court will hear the application after a six-month notice period, while a parallel fight over the same coins continues in London.
Open source