China Wants 61,800 Bitcoin Seized in UK over $5.7B Fraud
Prosecutors say the scheme raised 40.378 billion yuan from more than 102,000 investors and used the money to buy Bitcoin and other assets.
- On October 13, the Tianjin Second Intermediate People's Court accepted prosecutors' request to confiscate more than 61,800 Bitcoin linked to a massive investment fraud. The court opened a six-month period for affected victims to join the proceedings.
- Qian Zhimin operated the fraud via Tianjin Lantian Gerui Electronic Technology, raising over 40 billion yuan from more than 102,000 investors. She promised returns of up to 300% before fleeing China in 2017.
- British authorities seized more than 61,800 Bitcoin and more than 3.6 million XRP from Qian, who is serving an 11-year sentence in Britain for money laundering. Prosecutors allege she diverted funds from promised business activities.
- High Court Justice Mark Turner ruled in October that Chinese law, rather than English law, should govern ownership claims of roughly 16,000 victims. Lawyers for some investors are seeking to appeal this decision.
- Victims who do not participate in current proceedings retain eligibility to receive compensation from recovered assets. Further hearings are expected to examine evidence supporting individual ownership claims regarding the cryptocurrency.
17 Articles
17 Articles
China wants 61,800 Bitcoin seized in UK over $5.7B fraud
Chinese prosecutors have moved to confiscate more than 61,800 Bitcoin and other assets linked to a 40.38 billion yuan ($5.7 billion) investment fraud involving Qian Zhimin, who is currently serving a prison sentence in the UK. According to Chinese financial…
Chinese prosecutors requested to confiscate BTC 61.896 seized in the United Kingdom from Zhimin Qian, a package valued at about $5.1 billion at the quoted reference price. The dispute raises how the assets would be shared among the victims of the fraud and who will decide on their ownership.
According to Coindesk, China, known for its bans on Bitcoin and cryptocurrencies, is targeting the confiscation of 61,896 Bitcoins worth billions of dollars, linked to a fundraising fraud that cost investors approximately 20 billion yuan. A court in Tianjin has accepted the request to seize Bitcoin and other assets linked to Qian Zhimin. Six-Month Application Process in China! The Tianjin court accepted the prosecutor's confiscation request […] …
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