London’s High Court has ruled that Chinese law will govern victims’ claims to 61,000 BTC seized from fraudster Zhimin Qian, improving the UK’s chances of retaining this cryptocurrency fortune. Qian was sentenced to over 11 years for orchestrating a Ponzi scheme targeting Chinese investors between 2014 and 2017, defrauding victims of approximately 40.2 billion yuan (roughly 4.1 billion pounds) through 128,409 investment contracts. About 34.1 billion yuan had been repaid to some victims. The ruling means victims, who had hoped to use more favorable English law to claim ownership of the coins, will now need to establish their rights under Chinese law. Lawyers for the victims plan to appeal the decision.
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