#ukhighcourtruleschineselawgovernsbitcoinclaims Latest update on the recovery of 61,000 BTC in the Qian Zhimin case:
In its latest ruling, issued on October 12, the UK High Court determined that the Chinese victims’ property claims in cross-border recovery proceedings related to the 61,000 $BTC seized in the Lantian Gerui case would be governed by Chinese law, not English law.
This means that the approximately 16,000 victims seeking compensation are very likely to recover only their original principal plus interest, without benefiting from bitcoin’s nearly 200-fold increase in value...
Zhimin Qian founded Lantian Gerui in Tianjin, China, and illegally raised 40.2 billion RMB from around 128,000 victims.
After fleeing to London, she hired an employee from a Chinese takeaway restaurant as her assistant and used her to help launder the money. In 2018, Qian attempted to buy a mansion valued at £23.5 million directly with bitcoin. Unable to prove the legitimate source of the funds, she attracted the attention of anti-money-laundering authorities.
British police later discovered 61,000 BTC on her devices, reportedly the largest cryptocurrency seizure in history.
In its latest ruling, issued on October 12, the UK High Court determined that the Chinese victims’ property claims in cross-border recovery proceedings related to the 61,000 $BTC seized in the Lantian Gerui case would be governed by Chinese law, not English law.
This means that the approximately 16,000 victims seeking compensation are very likely to recover only their original principal plus interest, without benefiting from bitcoin’s nearly 200-fold increase in value...
Zhimin Qian founded Lantian Gerui in Tianjin, China, and illegally raised 40.2 billion RMB from around 128,000 victims.
After fleeing to London, she hired an employee from a Chinese takeaway restaurant as her assistant and used her to help launder the money. In 2018, Qian attempted to buy a mansion valued at £23.5 million directly with bitcoin. Unable to prove the legitimate source of the funds, she attracted the attention of anti-money-laundering authorities.
British police later discovered 61,000 BTC on her devices, reportedly the largest cryptocurrency seizure in history.