The UK High Court has ruled that claims to over 61,000 BTC, currently valued at approximately $5 billion, must be adjudicated under Chinese law. This decision, delivered by Mr. Justice Mark Turner on or around October 12, 2026, complicates recovery efforts for roughly 16,000 victims of a fraud scheme orchestrated by Zhimin Qian.
The underlying fraud operated from 2014 to 2017 through a company based in Tianjin, China. Victims signed at least 128,409 investment contracts, resulting in combined losses of approximately ¥40.2 billion, or about £4.1 billion. The funds were converted into Bitcoin via the Huobi exchange and over-the-counter trades in China.
Under the new ruling, claimants must demonstrate a proprietary interest in the assets according to Chinese legal standards, as simple creditor claims are insufficient. This shift in legal framework significantly raises the burden of proof for victims who previously sought recovery under English law.
Zhimin Qian, who relocated to the UK in 2017, was sentenced in November 2025 to 11 years and 8 months for money laundering. The court proceedings are part of civil recovery efforts under the Proceeds of Crime Act 2002, with future hearings scheduled to further examine the application of Chinese property rights.
