Choose Rich Live
Crypto News

Chinese prosecutors seek confiscation of 61,800 bitcoin tied to $5.7 billion fraud

Chinese prosecutors are seeking to confiscate over 61,800 Bitcoin connected to a $5.7 billion fraud case following a U.K. court ruling on victim claims.

A hand holding a smartphone showing a Bitcoin coin image in front of the flag of China.
Image: @solidintel_x

Chinese prosecutors have initiated moves to confiscate more than 61,800 Bitcoin tied to a massive $5.7 billion fraud scheme, according to reports from CoinDesk and CoinMarketCap. The legal effort follows a ruling by a U.K. High Court judge determining that Chinese law governs victims' claims to the assets.[2][1]

The cryptocurrency, valued at approximately $5 billion, has been held by U.K. police since 2018. It is tied to a scheme orchestrated by Qian Zhimin that defrauded more than 100,000 investors. Qian is currently serving an 11-year-and-8-month prison sentence in the United Kingdom.[1]

Key facts

  • Chinese prosecutors are seeking the confiscation of over 61,800 Bitcoin connected to a $5.7 billion fraud scheme.
  • A U.K. High Court judge ruled that Chinese law governs the victims' claims to the seized Bitcoin.
  • The Bitcoin has been in the custody of British police since 2018.
  • The fraud scheme, run by Qian Zhimin, took funds from more than 100,000 investors.
  • Qian Zhimin is serving an 11-year-and-8-month prison sentence in the U.K.

Sources · 4 sources

  1. CO

    CoinMarketCap@CoinMarketCapPost on X ·

    HOT TOPIC: China moves on $5B in bitcoin:native. Dump next? 🇨🇳 Chinese prosecutors are seeking confiscation of 61,800 bitcoin:native tied to a fraud case. The coins have sat with UK police since 2018, and a High Court judge ruled that Chinese law governs the victims' claims👇 https://t.co/0b0YDJEkju

    Open source
  2. CO

    CoindeskArticle ·

    China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme Chinese prosecutors are seeking to confiscate more than 61,800 Bitcoin tied to a $5.7 billion fraud scheme, days after a U.K. court ruled Chinese law governs victims’ claims to the coins.

    Open source
  3. CO

    CoinGape@CoinGapeMediaPost on X ·

    ⚖️ REGULATION: #China Seeks to Seize 61,800 $BTC Linked to a $5.7 Billion #Fraud Scheme.

    Open source
  4. SI

    Solid Intel 📡@solidintel_xPost on X ·

    INTEL: China moves to seize 61,800 BTC tied to a $5.7B fraud https://t.co/JYJRuaCRJU

    Open source