Qian Zhimin Bitcoin Money Laundering Case Enters Compensation Procedure: The Registration Rate of Chinese Victims is Only 8.8%, Registration Deadline is May 22
According to Caixin, the High Court of England held a two-day hearing from February 16 to 17 to review the asset disposal of a money laundering case involving 60,000 bitcoins. Currently, more than 11,300 Chinese victims plan to submit compensation claims.
However, this number accounts for only 8.8% of the total number of victims in the case (approximately 128,000), indicating that there are still many potential claimants who have not entered the compensation procedure, and the coverage and execution difficulties of asset recovery face severe challenges.
This frozen massive bitcoin asset originates from a Chinese company, Tianjin Lantian Grey Electronic Technology Co., Ltd., which illegally raised funds from 128,000 elderly individuals, involving nearly 50 billion.
The main culprit, Qian Zhimin, fled to the UK with bitcoins and triggered anti-money laundering scrutiny after purchasing a mansion locally. He was eventually sentenced to 11 years and 8 months in prison in the UK, and the more than 60,000 bitcoins he held were also frozen by the British authorities in accordance with the law.
Fortunately, on October 22, 2024, the British authorities officially allowed victims of the Lantian Grey case to provide evidence to the High Court of England within the stipulated time to prove their connection to the assets involved in the case and to submit compensation claims to the High Court of England.
According to the disclosure during this hearing, the asset recovery procedure is progressing, but the participation rate of victims remains low. Meanwhile, for victims intending to apply for compensation, May 22 is the final deadline to submit applications to the High Court of England. Those who miss the deadline may permanently lose the opportunity to assert their rights.
In summary, the Qian Zhimin Bitcoin case has entered a critical compensation phase, but less than 10% of the 128,000 potential claimants have completed registration, indicating that many victims may miss the chance to assert their claims due to information lag and high costs of cross-border rights protection.
At the same time, as the May 22 deadline approaches, how to improve the coverage of claims and improve the cross-border asset recovery mechanism will become the core challenge for the subsequent handling of this case.
#钱志敏 #Cross-border Compensation
According to Caixin, the High Court of England held a two-day hearing from February 16 to 17 to review the asset disposal of a money laundering case involving 60,000 bitcoins. Currently, more than 11,300 Chinese victims plan to submit compensation claims.
However, this number accounts for only 8.8% of the total number of victims in the case (approximately 128,000), indicating that there are still many potential claimants who have not entered the compensation procedure, and the coverage and execution difficulties of asset recovery face severe challenges.
This frozen massive bitcoin asset originates from a Chinese company, Tianjin Lantian Grey Electronic Technology Co., Ltd., which illegally raised funds from 128,000 elderly individuals, involving nearly 50 billion.
The main culprit, Qian Zhimin, fled to the UK with bitcoins and triggered anti-money laundering scrutiny after purchasing a mansion locally. He was eventually sentenced to 11 years and 8 months in prison in the UK, and the more than 60,000 bitcoins he held were also frozen by the British authorities in accordance with the law.
Fortunately, on October 22, 2024, the British authorities officially allowed victims of the Lantian Grey case to provide evidence to the High Court of England within the stipulated time to prove their connection to the assets involved in the case and to submit compensation claims to the High Court of England.
According to the disclosure during this hearing, the asset recovery procedure is progressing, but the participation rate of victims remains low. Meanwhile, for victims intending to apply for compensation, May 22 is the final deadline to submit applications to the High Court of England. Those who miss the deadline may permanently lose the opportunity to assert their rights.
In summary, the Qian Zhimin Bitcoin case has entered a critical compensation phase, but less than 10% of the 128,000 potential claimants have completed registration, indicating that many victims may miss the chance to assert their claims due to information lag and high costs of cross-border rights protection.
At the same time, as the May 22 deadline approaches, how to improve the coverage of claims and improve the cross-border asset recovery mechanism will become the core challenge for the subsequent handling of this case.
#钱志敏 #Cross-border Compensation