China Moves to Confiscate $5 Billion in Bitcoin From Fraudster Who Fled to UK: Report
By Mathew Di Salvo
AI summary of the source article
Chinese authorities are working to confiscate nearly 62,000 bitcoins worth about $5 billion linked to Qian Zhimin's alleged investment fraud, following a UK High Court ruling that Chinese law governs ownership disputes over the seized assets.
Why it matters
The applicable law determines whether victims share in the massive price gains of the coins that have appreciated enormously since 2017.
Key facts
- Qian Zhimin allegedly raised RMB 40.3 billion ($2.8 billion) via fake wealth management products before fleeing to the UK in July 2017.
- The UK High Court ruled Chinese law applies to ownership disputes over roughly 61,900 seized bitcoins.
- The Second Intermediate People’s Court of Tianjin accepted the prosecution's application on September 28 to confiscate Qian’s illicit assets.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine China Moves to Confiscate $5 Billion in Bitcoin From Fraudster Who Fled to UK: Report The alleged fraudster tried to run away with nearly 62,000 bitcoins. This post China Moves to Confiscate $5 Billion in Bitcoin From Fraudster Who Fled to UK: Report first appeared on Bitcoin Magazine and is written by Mathew Di Salvo .