Key facts
- China seeks to confiscate 61,896 Bitcoin worth $5.1 billion, seized in the UK.
- Zhimin Qian allegedly defrauded over 102,000 investors of 19.98 billion yuan between 2014 and 2017.
- UK authorities converted seized crypto assets into an interest-bearing account.
- A UK High Court ruling stated Chinese law will govern victims' claims to the Bitcoin.
Prosecutors in Tianjin, China, have applied to confiscate approximately $5.1 billion worth of Bitcoin and other digital assets seized in the UK from Zhimin Qian. The Tianjin No. 2 Intermediate People's Court accepted the case on September 28, with a notice published on October 13, stating there was evidence Qian committed fundraising fraud. Qian allegedly raised over 40 billion yuan from more than 102,000 investors between 2014 and 2017, causing losses of about 19.98 billion yuan. The assets, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, Dogecoin, and cash, were converted by UK authorities into an interest-bearing account. Qian fled China in 2017 and was later jailed in the UK in November 2025 for acquiring and possessing criminal property. On October 12, the UK High Court ruled that Chinese law should govern victims' claims to the seized cryptocurrency, a decision that could improve the UK government's chances of retaining the assets.