Chinese fraud victims seeking to recover 61,000 seized Bitcoin have lost a major legal battle after London’s High Court ruled that Chinese law, not English law, should govern claims to the assets. Justice Mark Turner rejected arguments for applying English law, stating that the relevant damage occurred in China and contractual relationships were entered into in China. The dispute stems from an investment fraud scheme orchestrated by Zhimin Qian between 2014 and 2017, affecting over 128,000 investors. Victims, represented by law firm Fieldfisher, plan to appeal the ruling. The seized Bitcoin is currently worth more than $5 billion.
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