✓ Verified by 3+ outlets BTC
China moves to confiscate the 61,896 bitcoin the UK seized from fugitive fraudster Qian Zhimin
Summary
Prosecutors in Tianjin have applied to confiscate the bitcoin and other assets seized in the UK from Zhimin Qian, and the Tianjin No. 2 Intermediate People's Court has accepted the case, Decrypt and CoinDesk reported, citing Chinese outlet The Paper.
Decrypt put the haul at 61,896 BTC, worth about $5.1 billion near $82,000 per coin; CoinDesk said "more than 61,800" BTC and put the alleged fraud at over 40 billion yuan, roughly $5.7 billion.
Prosecutors say Qian's company sold unlicensed wealth-management products promising guaranteed returns from 2014 to 2017, raising more than 40.38 billion yuan and leaving more than 102,000 investors with losses of nearly 20 billion yuan, per both outlets.
The court opened a six-month notice period for victims and other parties to join before it hears the case, while in London the High Court ruled this month that Chinese law should govern victims' claims to the coins and lawyers for some claimants are seeking to appeal.
Updates
- Update, : Oct. 22: Bitcoin Magazine also reported China's move to confiscate the nearly 62,000 bitcoin, which it valued at about $5 billion.
Key facts
- Decrypt said the court accepted the application on Sept. 28 and published its notice on Oct. 13; CoinDesk dated the court's announcement to Oct. 13.
- Besides the bitcoin, prosecutors are seeking about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, around 3.6 million XRP and about 70 million Dogecoin, which UK authorities have already converted into an interest-bearing account, plus cash, jewelry and investments, Decrypt reported.
- Because Qian has been a wanted fugitive for more than a year, Chinese rules allow confiscation without the suspect present, Decrypt said.
- Qian was jailed in the UK for 11 years and eight months in November 2025 after pleading guilty to acquiring and possessing criminal property, Decrypt reported.
- CoinDesk said the UK ruling does not mean victims can never recover coins; it calls for assessing whether they have a property claim under Chinese law, with further hearings expected.
- Victims who don't join the Chinese proceedings can still receive repayments from recovered assets, both outlets reported.
Related stories
- Bitcoin drops below $72,000 as spot ETFs bleed $1.44 billion in five days and BlackRock's IBIT loses $2 billion in nine
- Bitcoin treasury firm Nakamoto owes Kraken $165 million, more than its market value, as Q3 operating revenue turns negative
- Binance sets aside $6.34 billion to cover record hack as TRM and Chainalysis tie it to North Korea's TraderTraitor