#ukhighcourtruleschineselawgovernsbitcoinclaims Latest update on the recovery of 61,000 BTC in the Qian Zhimin case:
In its latest October 12 ruling, the UK High Court held that Chinese law—not English law—will govern the Chinese victims’ property claims in the cross-border recovery proceedings involving the 61,000 BTC seized in connection with the Lantian Gerui case.
This means the roughly 16,000 victims seeking compensation will most likely recover only their original principal plus interest—without benefiting from Bitcoin’s nearly 200x appreciation...
Zhimin Qian founded Lantian Gerui in Tianjin, China, and illegally raised RMB 40.2 billion from approximately 128,000 victims.
After fleeing to London, she hired a Chinese takeaway worker as her assistant and used her to help launder the proceeds. In 2018, Qian attempted to purchase a £23.5 million mansion directly with Bitcoin. Her inability to prove the legitimate source of the funds triggered anti-money-laundering scrutiny.
UK police later discovered 61,000 BTC on her devices—reportedly the largest cryptocurrency seizure in history.
In its latest October 12 ruling, the UK High Court held that Chinese law—not English law—will govern the Chinese victims’ property claims in the cross-border recovery proceedings involving the 61,000 BTC seized in connection with the Lantian Gerui case.
This means the roughly 16,000 victims seeking compensation will most likely recover only their original principal plus interest—without benefiting from Bitcoin’s nearly 200x appreciation...
Zhimin Qian founded Lantian Gerui in Tianjin, China, and illegally raised RMB 40.2 billion from approximately 128,000 victims.
After fleeing to London, she hired a Chinese takeaway worker as her assistant and used her to help launder the proceeds. In 2018, Qian attempted to purchase a £23.5 million mansion directly with Bitcoin. Her inability to prove the legitimate source of the funds triggered anti-money-laundering scrutiny.
UK police later discovered 61,000 BTC on her devices—reportedly the largest cryptocurrency seizure in history.