China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme Chinese prosecutors are seeking to confiscate more than 61,800 Bitcoin tied to a $5.7 billion fraud scheme, days after a U.K. court ruled Chinese law governs victims’ claims to the coins. – Chinese prosecutors are…
eking to confiscate more than 61,800 BTC and other assets linked to an alleged $5.7 billion fraud that affected more than 102,000 investors. – Prosecutors say Qian Zhimin’s company sold unlicensed wealth-management products, used investors’ money to repay earlier participants and buy assets, and left victims with nearly 20 billion yuan in losses. – A British court ruled that Chinese law should govern victims’ claims to the Bitcoin seized in Britain, while a Chinese court has opened a six-month period for interested parties to join the confiscation case. Chinese prosecutors have moved to seize more than 61,800 Bitcoin linked to a massive fraud case worth over 40 billion yuan, roughly $5.7 billion, according to
The case centers on Qian Zhimin, the alleged controller of Tianjin Lantian Gree Electronic Technology. Prosecutors say that from 2014 to 2017, the company sold unlicensed wealth-management products across China, promising guaranteed principal and high returns. The scheme raised more than 40.378 billion yuan from more than 102,000 investors, who lost nearly 20 billion yuan.
This money, however, was allegedly used to repay earlier investors, run fake investment projects, buy Bitcoin and acquire property, cars and jewelry, instead of funding real businesses. Qian then fled China in 2017 and later settled in the UK. British authorities eventually seized his assets, including more than 61,800 bitcoin, plus bitcoin cash, bitcoin gold, bitcoin SV, ripple, dogecoin, cash, jewelry and investment holdings.