Chinese authorities are initiating the confiscation of nearly 62,000 bitcoins, currently valued at approximately $5 billion. These assets are linked to a large-scale fraud case involving Tianjin Lantian Gerui Electronic Technology, which operated between 2014 and 2017.
The scheme, orchestrated by Qian Zhimin, involved selling unauthorized wealth management products and raised RMB 40.3 billion. Funds were diverted into bitcoin, property, and luxury goods rather than legitimate business operations. Qian fled to the UK in 2017 with the digital assets.
The UK High Court recently ruled that Chinese law governs the ownership disputes regarding the seized bitcoin. This decision impacts how victims may recover their losses. The Second Intermediate People’s Court of Tianjin officially accepted the prosecution's confiscation application on September 28.
Victims are now able to register for asset recovery proceedings via a dedicated WeChat platform. A six-month notice period is in effect before the formal trial commences. Legal representatives for some victims are currently considering an appeal against the court's ruling.
