Tianjin prosecutors have sought the confiscation of 61,896 BTC worth about $5.1 billion and other assets seized in the United Kingdom in the Zhimin Qian case. The Tianjin court accepted the application, which was filed on September 28 and published on October 13. Prosecutors say Qian raised more than 40.38 billion yuan between 2014 and 2017 by selling fake wealth management products without a licence, leaving more than 102,000 investors with losses of about 19.98 billion yuan. The UK High Court ruled on October 12 that Chinese law should govern victims’ claims, without yet deciding whether they own the Bitcoin, while law firm Fieldfisher is preparing an appeal.
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