#英国高院裁定钱志敏案适用中国法
$5 billion, 61,000 bitcoins, but victims can't get a penny. One sentence from a UK court slammed the door shut 🦖
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On Monday, the High Court of London ruled that the 61,000 bitcoins seized in the case against Qian Zhimin must be adjudicated under Chinese law, not British law. At current prices, the coins are worth more than $5 billion, or around £3.8 billion. The fraud took place 9 years ago and involved 128,000 investors. The money was eventually all converted into bitcoin.
It all began in 2014. Qian Zhimin ran a Ponzi scheme through a Tianjin-based electronics technology company. From 2014 to 2017, she defrauded more than 128,000 investors, then converted the stolen money into bitcoin. She fled to the UK in 2017. British police seized all the coins during a money-laundering investigation, and they have been held for years.
The victims have been trying to pursue the case under British law, because it would allow them to claim direct ownership of the bitcoin rather than queue up as ordinary creditors. But on Monday, Judge Mark Turner sided with the British government. He said that the relevant losses occurred in China, the applicants handed over their money in China, and the misrepresentations were also made there. Therefore, ownership of the property must be determined under Chinese law.
In other words, this ruling did not directly decide who will ultimately get the coins, but it shut off the victims' fastest route. It also significantly increased the chances that the UK Treasury will keep the money. The victims' lawyers at Fieldfisher have already said they will appeal. UK prosecutors say there will be another hearing, first to get expert opinions on whether ownership can be established under Chinese law.
One contrast is worth remembering: the US established a Strategic Bitcoin Reserve back in March 2025, putting coins seized by law enforcement directly onto the national balance sheet. According to Arkham, addresses linked to the US government hold $25.8 billion in crypto assets, all seized and not bought with a single taxpayer dollar.
So the real story isn't who's right or wrong. Governments around the world are turning seized bitcoin from evidence into assets ⚖️ The more the price of bitcoin surges, the fiercer the fight between governments and victims becomes 💥 The 61,000 coins are sitting in the UK Treasury, gaining value every day. The longer this goes on, the harder the question will be to resolve.
Do you think bitcoin seized in cases like this should ultimately be returned to victims or go into government coffers? Let us know in the comments 👇
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Every day, we bring you the latest bitcoin developments—not just what happened, but the logic and opportunities behind the news 👀🚀
$5 billion, 61,000 bitcoins, but victims can't get a penny. One sentence from a UK court slammed the door shut 🦖
📣 盘面异动群里喊
On Monday, the High Court of London ruled that the 61,000 bitcoins seized in the case against Qian Zhimin must be adjudicated under Chinese law, not British law. At current prices, the coins are worth more than $5 billion, or around £3.8 billion. The fraud took place 9 years ago and involved 128,000 investors. The money was eventually all converted into bitcoin.
It all began in 2014. Qian Zhimin ran a Ponzi scheme through a Tianjin-based electronics technology company. From 2014 to 2017, she defrauded more than 128,000 investors, then converted the stolen money into bitcoin. She fled to the UK in 2017. British police seized all the coins during a money-laundering investigation, and they have been held for years.
The victims have been trying to pursue the case under British law, because it would allow them to claim direct ownership of the bitcoin rather than queue up as ordinary creditors. But on Monday, Judge Mark Turner sided with the British government. He said that the relevant losses occurred in China, the applicants handed over their money in China, and the misrepresentations were also made there. Therefore, ownership of the property must be determined under Chinese law.
In other words, this ruling did not directly decide who will ultimately get the coins, but it shut off the victims' fastest route. It also significantly increased the chances that the UK Treasury will keep the money. The victims' lawyers at Fieldfisher have already said they will appeal. UK prosecutors say there will be another hearing, first to get expert opinions on whether ownership can be established under Chinese law.
One contrast is worth remembering: the US established a Strategic Bitcoin Reserve back in March 2025, putting coins seized by law enforcement directly onto the national balance sheet. According to Arkham, addresses linked to the US government hold $25.8 billion in crypto assets, all seized and not bought with a single taxpayer dollar.
So the real story isn't who's right or wrong. Governments around the world are turning seized bitcoin from evidence into assets ⚖️ The more the price of bitcoin surges, the fiercer the fight between governments and victims becomes 💥 The 61,000 coins are sitting in the UK Treasury, gaining value every day. The longer this goes on, the harder the question will be to resolve.
Do you think bitcoin seized in cases like this should ultimately be returned to victims or go into government coffers? Let us know in the comments 👇
Tap the profile picture to watch the livestream
Every day, we bring you the latest bitcoin developments—not just what happened, but the logic and opportunities behind the news 👀🚀