China Opens Its Own Case to Confiscate 61,896 Bitcoin Held by UK Authorities

A court in the northern Chinese city of Tianjin has opened a domestic proceeding to confiscate 61,896 bitcoin that British authorities seized from convicted fraudster Qian Zhimin , setting up a second legal track for coins worth about $5.1 billion at a bitcoin price of roughly $82,200, according to CoinGecko data . The Tianjin No. 2 Intermediate People’s Court reportedly published a notice on Oct. 13 saying it had accepted, on Sept. 28, an application from the Tianjin People’s Procuratorate Second Branch to forfeit Qian’s illegal gains. The notice came one day after a High Court judge in London ruled that Chinese law should decide whether victims hold rights in the frozen bitcoin. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter .

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