$BTC
UK High Court rules that gains on 61,000 bitcoins are governed by Chinese law
120,000 victims may only get their principal back
The 266-fold rise in Bitcoin has nothing to do with them
Guys,
this case has finally reached a conclusion,
from TM2024 until now.
But the result is even more fucked up than getting no result at all.
On October 12,
the UK High Court ruled
that Chinese law applies to claims over the 61,000 bitcoins in the Qian Zhimin case,
not UK law.
Judge Mark Turner’s reasoning was straightforward:
the investors were Chinese,
the fundraising took place in China,
and the money was transferred in China,
so Chinese law applies.
What does that mean?
Put simply,
the victims may only get back their principal and interest.
Bitcoin rose from 2,815 yuan to $84,000—a 266-fold increase.
That appreciation has nothing to do with them.
Around 16,000 Chinese victims who took part in the UK recovery proceedings
have been waiting for two years for nothing.
Here’s the whole story, in a nutshell.
Qian Zhimin,
the person who actually controlled Tianjin Lantian Gerui,
lured 128,000 people between 2014 and 2017 with promises of 300% returns.
The amount involved was 43 billion yuan.
She converted the money into Bitcoin
and fled to the UK with a notebook containing her crypto wallet.
She hired a Chinese-British woman, Wen Jian, to help her view houses and buy cars.
In 2018, she tried to buy a £23.5 million mansion with Bitcoin
and came under the scrutiny of UK police.
When she was arrested in April 2024, she was in bed,
looking utterly panicked.
UK police eventually froze 61,000 bitcoins.
At today’s price of $84,000,
they’re worth $5.1 billion.
This is the largest Bitcoin money-laundering case in the history of the UK justice system.
This is generally how cross-border crypto asset recovery cases go when they reach court.
For similar cases in the future,
I reckon the same logic will apply.
This case will mostly have a short-term emotional impact on the industry.
Long term, it’s no big deal.
Just treat it as gossip, guys.
#英国高院裁定钱志敏案适用中国法
UK High Court rules that gains on 61,000 bitcoins are governed by Chinese law
120,000 victims may only get their principal back
The 266-fold rise in Bitcoin has nothing to do with them
Guys,
this case has finally reached a conclusion,
from TM2024 until now.
But the result is even more fucked up than getting no result at all.
On October 12,
the UK High Court ruled
that Chinese law applies to claims over the 61,000 bitcoins in the Qian Zhimin case,
not UK law.
Judge Mark Turner’s reasoning was straightforward:
the investors were Chinese,
the fundraising took place in China,
and the money was transferred in China,
so Chinese law applies.
What does that mean?
Put simply,
the victims may only get back their principal and interest.
Bitcoin rose from 2,815 yuan to $84,000—a 266-fold increase.
That appreciation has nothing to do with them.
Around 16,000 Chinese victims who took part in the UK recovery proceedings
have been waiting for two years for nothing.
Here’s the whole story, in a nutshell.
Qian Zhimin,
the person who actually controlled Tianjin Lantian Gerui,
lured 128,000 people between 2014 and 2017 with promises of 300% returns.
The amount involved was 43 billion yuan.
She converted the money into Bitcoin
and fled to the UK with a notebook containing her crypto wallet.
She hired a Chinese-British woman, Wen Jian, to help her view houses and buy cars.
In 2018, she tried to buy a £23.5 million mansion with Bitcoin
and came under the scrutiny of UK police.
When she was arrested in April 2024, she was in bed,
looking utterly panicked.
UK police eventually froze 61,000 bitcoins.
At today’s price of $84,000,
they’re worth $5.1 billion.
This is the largest Bitcoin money-laundering case in the history of the UK justice system.
This is generally how cross-border crypto asset recovery cases go when they reach court.
For similar cases in the future,
I reckon the same logic will apply.
This case will mostly have a short-term emotional impact on the industry.
Long term, it’s no big deal.
Just treat it as gossip, guys.
#英国高院裁定钱志敏案适用中国法