High Court Rules Chinese Law Governs Claims on Seized Bitcoin
- The High Court in London ruled that Chinese law applies to claims on the seized Bitcoin from fraudster Zhimin Qian.
- The ruling affects a haul of approximately $5 billion worth of Bitcoin, based on current prices.
- Victims must show ownership of the Bitcoin to claim it, as English law, which is more favorable to victims, does not apply.
- Zhimin Qian was jailed for over eleven years for fraud and money laundering related to a Ponzi scheme in China.
- Lawyers for the victims plan to appeal the decision, with further hearings expected regarding the application of Chinese law.
The UK High Court’s decision that Chinese law governs claims on Zhimin Qian’s seized Bitcoin complicates efforts by victims seeking compensation under more favorable English laws. The case involves a significant amount of Bitcoin valued at around $5 billion currently.
This ruling means that victims need to establish ownership under Chinese law, as English legal routes are not applicable, potentially impacting their ability to reclaim lost funds from Qian’s fraudulent activities. (Source)
