A London High Court ruling has complicated efforts by Chinese fraud victims to reclaim 61,000 seized Bitcoin, currently valued at approximately $5,1 billion. Mr Justice Turner determined that Chinese law, rather than English law, governs the claims regarding these assets.
The legal dispute centers on a fraudulent scheme that operated between 2014 and 2017, raising approximately ¥40,2 billion. While ¥34,1 billion was repaid, victims claim roughly £600 million remains outstanding. The court noted that the scheme's activities were primarily conducted within China.
Under the Proceeds of Crime Act 2002, victims must prove direct ownership of the coins to recover them, as being a creditor is insufficient under the current ruling. If ownership cannot be established, the UK government may retain the assets through civil recovery.
The scheme's operator, Zhimin Qian, received a prison sentence exceeding 11 years in November 2025 following a guilty plea. The law firm representing the victims, Fieldfisher, has indicated plans to appeal the court's decision.
