Prosecutors in Tianjin applied to confiscate 61,896 Bitcoin seized from Zhimin Qian in the UK, along with other assets. The Tianjin No. 2 Intermediate People’s Court accepted the application on September 28 and published a notice on October 13; it has not yet heard the case. Prosecutors say Qian’s alleged fundraising fraud left more than 102,000 investors with losses of about 19.98 billion yuan. Victims can apply to join the proceedings during a six-month notice period, but those who do not may still receive repayments from recovered assets.
In a separate UK case, the High Court ruled on October 12 that Chinese law should govern victims’ claims to the Bitcoin. That ruling did not decide whether the victims own it: evidence on the content of Chinese law has not yet been heard. A law firm representing claimants said it is seeking to appeal.
