China Seeks 61,896 Bitcoin as $5.7B Fraud Case Takes New Turn

TLDR Chinese prosecutors seek to confiscate 61,896 Bitcoin linked to a 40.378 billion yuan ($5.7 billion) fraud case. Prosecutors allege that Qian Zhimin’s investment scheme caused losses exceeding 19.977 billion yuan. British authorities seized more than 61,800 BTC and other assets linked to the case. A UK High Court ruling requires Chinese law to govern the victims’ Bitcoin ownership claims. Investors and other interested parties have six months to join the Tianjin court proceedings. China’s prosecutors are seeking to confiscate 61,896 Bitcoin tied to a 40.378 billion yuan ($5.7 billion) investment fraud case. A Tianjin court announced the request on October 13, opening another stage in efforts to recover assets seized in Britain.

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