Chinese Prosecutors Seek to Confiscate Over 61,800 Bitcoins in Qian Zhimin Case

Chinese prosecutors are seeking to confiscate over 61,800 bitcoins and other assets related to a fraud case involving more than 40 billion yuan. The case involves Qian Zhimin, the actual controller of Tianjin Lantian Ge Rui Electronic Technology, which sold unlicensed financial products from 2014 to 2017, raising over 40.378 billion yuan from more than 102,000 investors, resulting in nearly 20 billion yuan in losses for investors. The funds were used to repay early investors, operate fraudulent investment projects, and purchase bitcoins, real estate, cars, and jewelry. Qian Zhimin fled China in 2017 and settled in the UK, where authorities have seized his assets, including over 61,800 bitcoins and other cryptocurrencies and cash. On October 13, the Tianjin Second Intermediate People's Court announced that it has accepted the prosecutors' application to confiscate the aforementioned assets as illegal gains and has initiated a six-month announcement period for victims and interested parties to participate in the lawsuit. Those who do not participate can still apply for compensation. Previously, the UK High Court ruled that the victims' claims should be governed by Chinese law rather than UK law, and a hearing will be held, with some victims' lawyers seeking to appeal.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.