China Moves to Confiscate Over 61,000 Bitcoin Seized in UK Fraud Case

Chinese prosecutors have initiated legal proceedings to confiscate more than 61,800 Bitcoin seized by British authorities, with Tianjin's Second Intermediate People's Court accepting the request and opening a six-month window for victims to register claims. The assets are tied to Qian Zhimin's 40.38 billion yuan ($5.7 billion) fraudulent investment scheme operated between 2014 and 2017, which defrauded over 102,000 investors of nearly 20 billion yuan. The Chinese court's action follows a UK High Court ruling that Chinese law governs victims' property claims, while English law governs recovery procedures.