Two governments are now fighting over 61,800 bitcoin — and neither has moved a single coin.
Chinese prosecutors want to confiscate the stash tied to Qian Zhimin's fraud. From 2014 to 2017, her company sold unlicensed investment products, raising 40.378 billion yuan from 102,000+ investors, with losses near 20 billion yuan. On October 13, a Tianjin court accepted the confiscation request, opening a six-month window for victims to join.
Earlier, the UK High Court ruled that Chinese law — not English law — governs victims' claims to the same coins seized in Britain. Worth billions: under English law, victims could claim the BTC itself with all its appreciation; Chinese law caps recovery near principal plus interest. About 16,000 victims can now appeal.
Why it matters: the stash is worth over $5 billion today. But stay honest: this is procedural, not a sale. No coins move today, and the Chinese order doesn't override the UK process.
So when 61,800 BTC eventually unlocks, which risk worries you more — Beijing liquidating, or London keeping it as a sovereign chest? NFA, DYOR.
$BTC #Bitcoin #China #CryptoLaw #BitcoinSeizure
Chinese prosecutors want to confiscate the stash tied to Qian Zhimin's fraud. From 2014 to 2017, her company sold unlicensed investment products, raising 40.378 billion yuan from 102,000+ investors, with losses near 20 billion yuan. On October 13, a Tianjin court accepted the confiscation request, opening a six-month window for victims to join.
Earlier, the UK High Court ruled that Chinese law — not English law — governs victims' claims to the same coins seized in Britain. Worth billions: under English law, victims could claim the BTC itself with all its appreciation; Chinese law caps recovery near principal plus interest. About 16,000 victims can now appeal.
Why it matters: the stash is worth over $5 billion today. But stay honest: this is procedural, not a sale. No coins move today, and the Chinese order doesn't override the UK process.
So when 61,800 BTC eventually unlocks, which risk worries you more — Beijing liquidating, or London keeping it as a sovereign chest? NFA, DYOR.
$BTC #Bitcoin #China #CryptoLaw #BitcoinSeizure