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>>Chinese individuals are pursuing a lengthy legal battle to reclaim 61,000 Bitcoin confiscated by the UK government.

Chinese individuals are pursuing a lengthy legal battle to reclaim 61,000 Bitcoin confiscated by the UK government.

crypthub

about 7 hours ago

Fraudulent Scheme and Convictions

Qian Zhimin, a Chinese businesswoman, defrauded investors of approximately $6 billion through a Bitcoin Ponzi scheme. She fled to the United Kingdom in 2017 and was recently convicted in a London court for money laundering. Her associate, Wen Jian, received a lengthy prison sentence for aiding in the movement of the illicit funds. This elaborate scheme involved raising funds and converting them into cryptocurrency assets.

Seizure and Recovery Challenges

British authorities seized 61,000 BTC, now valued at over $7.4 billion, during a 2018 raid. Recovering funds for the approximately 130,000 victims in China faces considerable legal hurdles. Establishing a direct link between individual investors’ money and the seized Bitcoin remains a significant challenge due to the complexity of tracing funds.

Legal Process and Expected Outcomes

A civil recovery case in the UK will determine the distribution of the seized assets, scheduled to commence in January 2026. Legal experts caution that victims are unlikely to recover the appreciated value of Bitcoin. Courts are expected to prioritize returning the principal amount rather than speculative gains.