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.

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Beyond the bitcoin, the application covers about 72,700 bitcoin cash, roughly 3.6 million XRP, bitcoin SV and bitcoin gold. It also reaches the proceeds of about 70 million dogecoin that UK authorities already sold, along with cash in dollars, euros and pounds, jewelry, bank deposits and investment holdings. The crypto, cash and jewelry were seized by UK authorities.

Prosecutors argued that Qian fled and could not be found after a year on a wanted list, and that the seized property is criminal proceeds that should be forfeited, apart from sums returned to victims.

The court said evidence showed Qian committed fundraising fraud. Its notice described her as the actual controller of Tianjin Lantian Gerui Electronic Technology, which from April 2014 to August 2017 sold fake wealth-management products that promised guaranteed principal and high returns. The scheme took in about 40.4 billion yuan, and roughly 102,000 investors lost close to 20 billion yuan.

The notice opens a six-month period in which Qian’s close relatives and other interested parties can apply to join. Victims can register through a WeChat mini program. Those who stay out still qualify for refunds from any recovered assets, according to Yicai Global.

Qian left China in July 2017 with a computer holding her bitcoin wallet and eventually reached Britain. UK police arrested her in April 2024, and a London court sentenced her in November 2025 to 11 years and eight months in prison.

The UK’s Crown Prosecution Service has said further hearings will determine whether victims can prove an interest in the coins. Fieldfisher, a law firm representing some victims, has said it is seeking to appeal the ruling on governing law.

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