China Seeks Seizure of 61,800 Bitcoin Linked to $5.7 Billion Fraud
Key Facts
Chinese prosecutors are seeking to confiscate over 61,800 Bitcoin linked to a $5.7 billion fraud scheme. CoinDesk reported that a U.K. court ruled that Chinese law governs victims' claims to the seized cryptocurrency assets.
The legal move follows a victory in the United Kingdom where the court determined that Chinese jurisdiction applies to the distribution of funds recovered from the investment fraud. Separately, economic data released on October 19, 2026, showed China's Gross Domestic Product grew by 4.5% year-on-year, slightly above the 4.4% forecast.
Latest Updates · 2
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Update: Chinese authorities have initiated formal forfeiture proceedings in a Tianjin court for 61,896 Bitcoin. Investigations revealed the fraud scheme raised over 40.378 billion yuan, resulting in losses for approximately 102,000 participants.
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Update: A court in Tianjin initiated a six-month notice period on October 22, 2026, to forfeit 61,896 Bitcoin linked to Qian Zhimin. This procedural step follows the High Court ruling in London confirming that Chinese law applies to the assets.