ukcourt

A London high court ruled that Chinese law applies to the claims of thousands of fraud victims over 61,000 bitcoin seized by the Metropolitan Police, worth about £3.8 billion or $5 billion. The decision came in the case of Zhimin Qian, who pleaded guilty to running a Ponzi scheme that defrauded more than 128,000 investors between 2014 and 2017, converted the proceeds into bitcoin and fled to the UK in 2017. While the ruling does not decide who ultimately keeps the cryptocurrency, it limits the victims’ ability to pursue recovery under English law and makes it more likely the British government will retain most of the seized assets. The victims’ lawyers are appealing the judgment. Separately, the article notes that the United States has placed seized bitcoin in a strategic reserve, with government‑linked addresses holding roughly $25.8 billion in crypto according to Arkham Intelligence.

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$BTC

⚖️ Shocking: The British Supreme Court decides that Chinese law governs a claim related to 61,000 Bitcoin! 🇬🇧🇨🇳
A historic ruling! 🔥 On October 12, the British Supreme Court ruled that Chinese investors' claims to ownership rights in 61,000 Bitcoin must be decided under Chinese law, not British law, in the Qian Zhimin / Tianjin Lantian Gerui case ⚖️.
💥 Massive repercussions:
About 16,000 Chinese victims who joined asset recovery proceedings in the UK may not receive a share of the huge gains resulting from Bitcoin's rise in value 📈. They may recover no more than their original principal and interest! 😨
💰 The value of the 61,000 confiscated Bitcoin is estimated today at more than $6 billion, and it stems from illegal fundraising that affected 128,000 people in China between 2014 and 2017.
🧑‍⚖️ Judge Turner ruled that the fraud contracts, payments, and Bitcoin purchases are closely connected to China 🇨🇳. This ruling determines only the applicable law; ownership and distributions remain unresolved ⏳.
❓ Will the victims lose billions of dollars in gains? 🤔
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