TLDR
- Chinese prosecutors seek to confiscate 61,896 Bitcoin linked to a 40.378 billion yuan ($5.7 billion) fraud case.
- Prosecutors allege that Qian Zhimin’s investment scheme caused losses exceeding 19.977 billion yuan.
- British authorities seized more than 61,800 BTC and other assets linked to the case.
- A UK High Court ruling requires Chinese law to govern the victims’ Bitcoin ownership claims.
- Investors and other interested parties have six months to join the Tianjin court proceedings.
China’s prosecutors are seeking to confiscate 61,896 Bitcoin tied to a 40.378 billion yuan ($5.7 billion) investment fraud case. A Tianjin court announced the request on October 13, opening another stage in efforts to recover assets seized in Britain.
China Court Takes Up Bitcoin Seizure Request
The Tianjin Second Intermediate People’s Court said it accepted the prosecutors’ application on September 28, 2026. The filing names Qian Zhimin, who controlled Tianjin Lantian Gerui Electronic Technology, and seeks to recover Bitcoin and other property.
Authorities say the company collected money from more than 102,000 investors between 2014 and 2017. China is pursuing the case separately from a 500 million yuan crypto laundering investigation in Thailand, where police arrested a Chinese suspect this month.
How Investors Lost Nearly 20 Billion Yuan
Prosecutors accuse Qian’s company of offering unlicensed investment products, promising protected capital and high returns. The business collected funds across China. Investigators say investors lost more than 19.977 billion yuan, while most money never funded real businesses.
Instead, prosecutors say the money covered payments to earlier customers, false business projects and purchases of Bitcoin, homes, vehicles and jewelry. Qian left China in 2017 and eventually reached the United Kingdom, where police seized assets during a money laundering investigation.
UK Judge Sets Rules for Victim Claims
British authorities seized more than 61,800 BTC, along with Bitcoin Cash, XRP, Dogecoin, cash, and investments. The case spans two legal systems. In another effort, US officials reported action against overseas crypto scams, including funds they say authorities blocked.
On October 12, a UK High Court judge ruled that Chinese law should determine whether alleged victims hold property rights over the Bitcoin. The decision does not award the funds to either government. Lawyers representing some claimants are seeking to challenge it.
The Tianjin court has given relatives, investors and other interested parties six months to join the proceedings. Separate crypto theft recovery claims opened this week after the Qubic network restarted, although that case has no direct connection to Qian’s assets. People who do not join the Tianjin case may still receive refunds from recovered property under Chinese law.
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