Chinese Fraud Victims Lose Legal Battle Over Seized Bitcoin
- London’s High Court ruled that Chinese law governs claims to Bitcoin seized by British authorities.
- Justice Mark Turner stated that the relevant damage occurred in China, where victims lost their money.
- The case involves over 128,000 investors affected by a fraud scheme led by Zhimin Qian from 2014 to 2017.
- Victims sought to apply English law for direct ownership claims but were denied this option in court.
- The seized Bitcoin is currently valued at over $5 billion, according to CoinGecko.
The ruling leaves the determination of property rights under Chinese law pending further proceedings, as victims plan to appeal the decision. The next stage will involve expert evidence on how Chinese law applies to their ownership claims.
This legal battle highlights the complexities of international fraud cases, particularly as victims seek recovery of assets valued at more than $5 billion. (Source)
