Chinese Fraud Victims Lose Court Battle Over Seized Bitcoin
- London’s High Court ruled that Chinese law governs claims to Bitcoin seized by the British government.
- Justice Mark Turner stated that the relevant damage and contractual relationships occurred in China.
- The victims, affected by an investment fraud scheme from 2014 to 2017, sought direct ownership of the seized assets worth over $5 billion.
- The case involves over 128,000 investors, with a law firm planning to appeal against the ruling.
- A further hearing will assess how Chinese law applies to determine potential ownership interests in the assets.
The ruling leaves unresolved questions about the victims’ property rights under Chinese law while emphasizing that their claims are rooted in events that transpired in China.
Victims of the fraud are appealing the decision as they seek ownership of approximately 61,000 Bitcoin, currently valued at over $5 billion. (Source)
