China and the UK both move to seize these 60,000 bitcoins
Guys, there’s new progress in the Qian Zhimin case—and it’s advancing on two fronts
Today, a Tianjin court formally accepted an application to confiscate illegal proceeds
The assets involved include not just 61,800 bitcoins, but also 72,700 Bitcoin Cash and 3.6 million XRP
What does this mean? There are two tracks moving forward
In the UK: On 10/12, the High Court ruled that Chinese law applies; another hearing is set for 10/15
In China: Tianjin prosecutors classified the case as fundraising fraud and applied to recover and confiscate the assets
One side is arguing over who gets the assets; the other is racing against time
But the most striking part is a rule hidden in the UK called the ARIS mechanism
If criminal assets recovered in the UK have no legitimate claimant,
50% goes straight to the UK Treasury
And under Chinese law, the 16,000 Chinese victims can only get their principal plus interest
With no one able to claim the 200-fold increase in value, it will most likely flow into the UK Treasury
Of course, no final ruling has been made yet
The court says it needs to review the evidence further, and the law firm Fieldfisher is preparing an appeal
The Tianjin proceedings have only just been accepted, but the direction is already clear
My take: This isn’t just a legal issue; it’s a fight over who gets to determine the value of cross-border assets
Which country’s laws apply and whose rules take priority will decide who gets these tens of billions
There’s one lesson for ordinary people:
Don’t hand your money to anyone promising high returns
Ten years have passed, and the victims are still waiting
And the bitcoin that rose 200-fold is still right where it was
$BTC
#英国高院裁定钱志敏案适用中国法 #比特币 #CrossBorderAssetRecovery
Guys, there’s new progress in the Qian Zhimin case—and it’s advancing on two fronts
Today, a Tianjin court formally accepted an application to confiscate illegal proceeds
The assets involved include not just 61,800 bitcoins, but also 72,700 Bitcoin Cash and 3.6 million XRP
What does this mean? There are two tracks moving forward
In the UK: On 10/12, the High Court ruled that Chinese law applies; another hearing is set for 10/15
In China: Tianjin prosecutors classified the case as fundraising fraud and applied to recover and confiscate the assets
One side is arguing over who gets the assets; the other is racing against time
But the most striking part is a rule hidden in the UK called the ARIS mechanism
If criminal assets recovered in the UK have no legitimate claimant,
50% goes straight to the UK Treasury
And under Chinese law, the 16,000 Chinese victims can only get their principal plus interest
With no one able to claim the 200-fold increase in value, it will most likely flow into the UK Treasury
Of course, no final ruling has been made yet
The court says it needs to review the evidence further, and the law firm Fieldfisher is preparing an appeal
The Tianjin proceedings have only just been accepted, but the direction is already clear
My take: This isn’t just a legal issue; it’s a fight over who gets to determine the value of cross-border assets
Which country’s laws apply and whose rules take priority will decide who gets these tens of billions
There’s one lesson for ordinary people:
Don’t hand your money to anyone promising high returns
Ten years have passed, and the victims are still waiting
And the bitcoin that rose 200-fold is still right where it was
$BTC
#英国高院裁定钱志敏案适用中国法 #比特币 #CrossBorderAssetRecovery