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. Summary Chinese prosecutors have moved to confiscate more than 61,800 Bitcoin linked to a $5.7 billion investment fraud involving over 102,000 investors. The assets are tied to Qian Zhimin, who fled China in 2017 and was later sentenced to 11 years and eight months in prison in the UK. A Chinese court has given victims and other interested parties six months to participate in the confiscation proceedings. The UK High Court has ruled that Chinese law should govern victims’ ownership claims, although their entitlement to the seized Bitcoin remains unresolved. According to Chinese financial outlet Yicai, the Tianjin No. 2 Intermediate People’s Court announced on Oct. 13 that it had accepted an application to recover assets allegedly obtained through an illegal fundraising scheme operated between 2014 and 2017. The court formally accepted the case on Sept. 28 and has opened a six-month period for affected investors and other interested parties to participate in t...