Chinese prosecutors have filed a formal application to confiscate more than 61,800 Bitcoin and other assets worth 40.38 billion yuan, or around $5.7 billion, tied to the Qian Zhimin investment fraud case in the UK.
The Tianjin No. 2 Intermediate People’s Court announced it has accepted the case filings since Sept. 28. Alongside the legal proceedings, the court opened a six-month registration window for victims to file compensation claims for their funds.
The illegal fundraising scheme orchestrated through Tianjin Lantian Gerui Electronic Technology operated between 2014 and 2017. The fraudulent venture ensnared more than 102,000 investors, tallying total losses of 19.9 billion yuan.
Other Assets Targeted for Confiscation
The assets targeted by prosecutors are not limited to 61,800 Bitcoin. The seizure application details holdings of other digital coins, including more than 72,700 Bitcoin Cash (BCH), 3.6 million XRP, reserves of Bitcoin Gold, Bitcoin SV, and Dogecoin. Public prosecutors are also targeting high-value physical criminal proceeds, ranging from luxury properties and vehicles to jewelry and cash.
How Victims’ Money Ended Up in London
Qian Zhimin’s flight from authorities began in July 2017. She fled China carrying private keys to crypto wallets holding billions of dollars in investors’ digital assets.
To enter the UK, Qian Zhimin used a St. Kitts and Nevis passport under the alias Yadi Zhang. Her hideout came to an end after local authorities uncovered the money laundering scheme. Southwark Crown Court in London ultimately sentenced Qian Zhimin to 11 years and 8 months in prison in November 2025.
London Judge’s Ruling Determines Victims’ Rights
The Chinese prosecution’s move to demand the return of assets follows a UK High Court ruling by Justice Mark Turner on Oct. 12. Justice Turner established that Chinese law formally applies in determining ownership claims over fraud victims’ assets.
The London court’s ruling provides a legal foundation for the status of the tens of thousands of Bitcoin seized by British authorities. The decision ensures that the verification process for victim asset ownership can proceed through legal avenues in China.
For the 102,000 victims of the Lantian Gerui fraud, the six-month window provided by the Tianjin court offers a tangible opportunity to claim compensation, following 19.9 billion yuan in losses that have been tied up for nine years.
Reported by crypto.news.
Read also: What Is Bitcoin Halving?
Read also: Bought at $127, Two Bitcoin Wallets Reactivate After 12 Years - Moving 417 BTC Worth $33.85 Million
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
