The Tianjin No. 2 Intermediate People’s Court accepted prosecutors’ application on September 28 to confiscate 61,896.41552945 Bitcoin and other assets seized in the UK. The application is not a confiscation order. The assets are linked to an alleged 2014–2017 fraud that, according to the report, caused more than RMB 199.77 billion in losses to over 102,000 victims.
In related UK proceedings, the High Court ruled that Chinese law governs the property rights claimed by victims. No evidence of the content of Chinese law has yet been submitted, so proving that stolen money was used to buy Bitcoin does not necessarily establish a victim’s right to recover it. Interested parties have six months from October 13 to respond to the Chinese announcement.
