Chinese prosecutors seek to confiscate more than 61,800 bitcoin linked to Tianjin fraud case
A court in Tianjin has accepted prosecutors' request to confiscate the bitcoin and other assets linked to Qian Zhimin, which were seized in Britain, days after a UK High Court ruling on victims' claims.
Prosecutors in China are seeking to confiscate more than 61,800 bitcoin and other assets linked to an alleged fraud of more than 40 billion yuan (about $5.7 billion), CoinDesk reported on Thursday 22 October, citing the Chinese outlet The Paper.
The case concerns Qian Zhimin, described by prosecutors as the controller of Tianjin Lantian Gree Electronic Technology. Prosecutors say the company sold unlicensed wealth-management products across China from 2014 to 2017 with promises of guaranteed principal and high returns, raising more than 40.378 billion yuan from more than 102,000 investors, who lost nearly 20 billion yuan. They allege the money was used to repay earlier investors, fund fake projects and buy bitcoin, property, cars and jewellery.
Qian left China in 2017 and later lived in the UK, where authorities seized assets including the bitcoin, according to CoinDesk.
On 13 October, the Second Intermediate People’s Court in Tianjin said it had accepted prosecutors’ request to confiscate the assets as illegal gains, and opened a six-month period for victims and other interested parties to join the case. Victims who do not take part can still seek refunds from recovered assets, the report said.
Days earlier, the UK High Court ruled that Chinese law, rather than English law, should govern alleged victims’ claims to the bitcoin seized in Britain. Further hearings are expected, and lawyers for some victims are seeking to appeal, CoinDesk reported.
At about $81,200 per bitcoin as of 5:54pm GMT on Thursday, according to CoinGecko, 61,800 bitcoin would be worth about $5 billion.
Sources
Related coverage
All crypto →
US judge orders Trump to sit for a deposition in his $10 billion lawsuit against the BBC by 11 December
A federal magistrate judge in Florida ordered President Donald Trump to give a deposition in his defamation case against the BBC by 11 December or face the possibility of the case being dismissed, and ruled that it can be videotaped.
US Supreme Court leaves in place order blocking Trump administration's policy on care for transgender federal inmates
The Supreme Court declined to pause a federal judge's order that bars the Bureau of Prisons from enforcing a policy ending hormone therapy and other accommodations for transgender inmates. Justices Thomas and Alito would have granted the administration's request.
US appeals court hears Arkansas challenge to order blocking its crypto mining law
The Eighth Circuit heard Arkansas's appeal against a preliminary injunction on its 2024 crypto mining law on 20 October but did not rule; the injunction stays in place.
Man charged over attack on Australian MP Helen Haines appears in court; police do not rule out further charges
Brendan Nugent, 43, appeared in Wangaratta Magistrates' Court and was remanded in custody until 4 February. Victoria Police said further serious charges were being considered, and the Australian Federal Police said it charges almost one person a week for targeting federal officials.
Trump and Vance launch $25 million fraud whistleblower programme offering up to $30,000 per tip
The Fraud Whistleblower Incentive Program, run by the Justice Department, will pay tipsters whose information leads to a fraud conviction or major federal enforcement action, a White House official said.
Crypto.com and Novig sue Missouri over order to stop sports event contracts
The two prediction-market operators argue federal commodities law overrides Missouri's gambling laws. Four other companies sent the same cease-and-desist letters had not sued as of Sunday, The Block reported.
