The High Court in London has ruled that Chinese law will govern the claims of victims seeking to recover 61,000 Bitcoin seized by British authorities. Justice Mark Turner rejected the application of English law, noting that the alleged fraud and contractual relationships occurred in China.
The seized assets, which are currently valued at over $5 billion, were confiscated during a money-laundering investigation. The fraud scheme was orchestrated by Zhimin Qian between 2014 and 2017 and reportedly affected more than 128,000 investors.
Victims had sought to apply English law to claim direct ownership of the Bitcoin rather than pursuing compensation as creditors. The court's decision does not determine final ownership, as the validity of property rights under Chinese law remains to be assessed in future proceedings.
The case will continue to be heard in the London High Court. The law firm Fieldfisher, representing the claimants, is reportedly planning to appeal the ruling. Future hearings will focus on expert evidence regarding the application of Chinese law to the seized assets.
