China Opens Its Own Case to Confiscate 61,896 Bitcoin Held by UK Authorities
By Unchained
AI summary of the source article
A court in Tianjin has launched proceedings to confiscate 61,896 bitcoin and other assets seized by UK authorities from convicted fraudster Qian Zhimin. The move follows a London court ruling that Chinese law governs victim rights in the frozen crypto.
Key facts
- The Tianjin No. 2 Intermediate People’s Court accepted an application to forfeit 61,896 bitcoin, other cryptocurrencies, cash, and assets seized by UK authorities.
- Qian Zhimin ran Tianjin Lantian Gerui Electronic Technology, a fraudulent scheme that took in 40.4 billion yuan and caused 102,000 investors to lose nearly 20 billion yuan.
- The court's notice initiates a six-month window allowing Qian's relatives and interested parties to apply to join the case.
Source excerpt · Unchained
A Tianjin court opened a six-month notice period in prosecutors' bid to forfeit Qian Zhimin's bitcoin, a day after London's High Court held that Chinese law applies to whether victims have rights in the coins. The post China Opens Its Own Case to Confiscate 61,896 Bitcoin Held by UK Authorities appeared first on Unchained .