Chinese investors win right to appeal UK plan to keep 61,000 BTC from Qian Zhimin fraud case

A group of around 16,000 Chinese investors who lost their funds in Qian Zhimin’s crypto fraud have secured the right to appeal a UK court ruling that would have allowed the British government to retain most of the 61,000 Bitcoin seized from the scheme, currently valued at around $5 billion. The UK High Court decided on October 16 to permit the victims to continue pursuing compensation for their losses on the confiscated crypto assets. The group contested an October 12 decision by Justice Mark Turner, who determined that Chinese law, rather than English law, should govern their claims to the seized Bitcoin. This legal distinction holds significant financial consequences. Under English law, claimants could be entitled to the full current value of the Bitcoin, capturing all dollar-denominated gains over time.

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