Prosecutors in Tianjin, China, have filed a motion to seize 61,896 BTC, along with significant quantities of Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, and Dogecoin. The assets were previously confiscated by UK authorities from Zhimin Qian, who was convicted of money laundering in the UK in November 2025.
The legal action follows a massive investment fraud scheme orchestrated by Qian through Tianjin Lantian Gerui Electronic Technology. Between 2014 and 2017, the company sold unlicensed wealth management products, raising over ¥40.38 billion from more than 102,000 investors. Prosecutors estimate total losses at ¥19.98 billion.
The Tianjin No. 2 Intermediate People's Court accepted the application on September 28. The case involves not only cryptocurrency but also cash in USD, EUR, and GBP, as well as jewelry and investment portfolios. Chinese regulations allow for the confiscation of assets in the absence of the suspect, who has been a fugitive for over a year.
A UK High Court ruling on October 12 determined that Chinese law should govern the claims of victims, a decision that complicates recovery efforts for those seeking compensation. Law firm Fieldfisher, representing the claimants, is currently seeking to appeal the ruling. The court notice period in China will remain open for six months before the case proceeds.
