#ukhighcourtruleschineselawgovernsbitcoinclaims
The UK's High Court ruled that Chinese law will determine who owns the more than 61,000 seized bitcoins, valued at nearly 5 billion dollars. British police seized the cryptocurrency as part of a massive fraud scheme originating in China.
Thousands of Chinese victims had hoped to claim these bitcoins under British law. However, the court said Chinese law applies because the original financial loss occurred in China. This ruling could limit victims' compensation to the return of the original amount, without any profits earned. Final ownership will be determined in future court hearings.
$BTC $KORU $ETH
The UK's High Court ruled that Chinese law will determine who owns the more than 61,000 seized bitcoins, valued at nearly 5 billion dollars. British police seized the cryptocurrency as part of a massive fraud scheme originating in China.
Thousands of Chinese victims had hoped to claim these bitcoins under British law. However, the court said Chinese law applies because the original financial loss occurred in China. This ruling could limit victims' compensation to the return of the original amount, without any profits earned. Final ownership will be determined in future court hearings.
$BTC $KORU $ETH