China Seeks to Confiscate $5 Billion in Bitcoin and Other Crypto
October 14, 2026 — Chinese authorities are seeking to confiscate 61,896 BTC worth approximately $5 billion, along with XRP, DOGE and other crypto assets linked to a massive investment fraud.
The case involves Qian Zhimin, who was convicted of money laundering after a fraud scheme that reportedly affected over 102,000 investors and raised around $6 billion.
UK authorities previously seized the crypto holdings. A six-month period has now been opened for affected investors and other interested parties to participate in the confiscation proceedings.
October 14, 2026 — Chinese authorities are seeking to confiscate 61,896 BTC worth approximately $5 billion, along with XRP, DOGE and other crypto assets linked to a massive investment fraud.
The case involves Qian Zhimin, who was convicted of money laundering after a fraud scheme that reportedly affected over 102,000 investors and raised around $6 billion.
UK authorities previously seized the crypto holdings. A six-month period has now been opened for affected investors and other interested parties to participate in the confiscation proceedings.