Chinese prosecutors have asked a court to confiscate 61,896 bitcoins and have also applied to dispose of Bitcoin Cash, XRP, cash, and jewelry.
The case stems from an illegal fundraising scheme. Prosecutors say that from 2014 to 2017, the companies involved sold unlicensed wealth management products under the promise of guaranteed principal and high returns, raising 40.378 billion yuan from more than 102,000 investors, who lost nearly 19.9 billion yuan. The funds were used to pay earlier investors, fabricate projects, buy bitcoin, and purchase property and vehicles.
Qian Zhimin, the company’s actual controller, left China in 2017. The assets were later seized by British authorities. A few days ago, the High Court of England and Wales ruled that claims by victims to these assets are governed by Chinese law; ownership of the assets has yet to be determined.
A mainland intermediate people’s court has accepted the confiscation application. The public notice period is six months, and the outcome of the proceedings has yet to be determined. $BTC Current price: $82,243, down 0.91% in 24 hours.
The case stems from an illegal fundraising scheme. Prosecutors say that from 2014 to 2017, the companies involved sold unlicensed wealth management products under the promise of guaranteed principal and high returns, raising 40.378 billion yuan from more than 102,000 investors, who lost nearly 19.9 billion yuan. The funds were used to pay earlier investors, fabricate projects, buy bitcoin, and purchase property and vehicles.
Qian Zhimin, the company’s actual controller, left China in 2017. The assets were later seized by British authorities. A few days ago, the High Court of England and Wales ruled that claims by victims to these assets are governed by Chinese law; ownership of the assets has yet to be determined.
A mainland intermediate people’s court has accepted the confiscation application. The public notice period is six months, and the outcome of the proceedings has yet to be determined. $BTC Current price: $82,243, down 0.91% in 24 hours.
