UK Judge Says Chinese Law Applies to Claims Over £4B Bitcoin Fraud
💼 A UK High Court judge has ruled that Chinese law governs the claims of victims seeking ownership of over 61,000 BTC recovered from a multibillion-pound fraud, stemming from investment scams orchestrated by Zhimin Qian.
💰 The fraud involved approximately 128,409 investment contracts, collecting around 40.23 billion yuan (over $5 billion), with most funds used to pay off earlier investors while some were converted into Bitcoin.
⚖️ The court's decision emphasizes that victims must establish ownership under Chinese law, not just demonstrate financial loss, leaving unresolved whether individual claims can be validated under this legal framework.
💼 A UK High Court judge has ruled that Chinese law governs the claims of victims seeking ownership of over 61,000 BTC recovered from a multibillion-pound fraud, stemming from investment scams orchestrated by Zhimin Qian.
💰 The fraud involved approximately 128,409 investment contracts, collecting around 40.23 billion yuan (over $5 billion), with most funds used to pay off earlier investors while some were converted into Bitcoin.
⚖️ The court's decision emphasizes that victims must establish ownership under Chinese law, not just demonstrate financial loss, leaving unresolved whether individual claims can be validated under this legal framework.