--- title: "China Moves to Confiscate 61,800 Bitcoin Tied to $5.7B Qian Zhimin Fraud Scheme" description: "Tianjin prosecutors seek forfeiture of UK-seized assets following a High Court ruling determining Chinese law governs victim restitution claims." url: https://basisdesk.news/news/china-moves-confiscate-bitcoin-qian-zhimin-fraud published: 2026-10-22T06:26:22.224Z modified: 2026-10-22T06:26:22.224Z section: Regulation & Policy author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [BTC] tags: [bitcoin, china, uk, asset-forfeiture, fraud, litigation] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # China Moves to Confiscate 61,800 Bitcoin Tied to $5.7B Qian Zhimin Fraud Scheme Tianjin prosecutors seek forfeiture of UK-seized assets following a High Court ruling determining Chinese law governs victim restitution claims. ## At a glance - **What happened:** Chinese prosecutors asked a Tianjin court to confiscate over 61,800 BTC seized in Britain from alleged fraudster Qian Zhimin. - **Why it matters:** The action establishes cross-border asset recovery mechanisms for a $5.7 billion fraud following a UK ruling applying Chinese law to the assets. - **Who is affected:** More than 102,000 Chinese investors who lost nearly 20 billion yuan in the Tianjin Lantian Gree Electronic Technology scheme. - **Takes effect:** 2026-10-13 - **What's next:** A six-month court window for victims and interested parties to join the Tianjin confiscation proceedings, alongside UK victim appeals. - **Status:** court-ruling - **Primary source:** [China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme](https://www.coindesk.com/markets/2026/10/22/china-seeks-to-seize-61-800-btc-tied-to-usd5-7-billion-fraud-scheme) — coindesk.com ## Key points - Chinese prosecutors filed to confiscate 61,800+ BTC and other tokens from Qian Zhimin's alleged $5.7B Ponzi scheme. - A British High Court decision ruled that Chinese law governs victim recovery claims over the seized assets. - Tianjin's Second Intermediate People's Court opened a six-month filing period on Oct. 13 for claimants to join the forfeiture action. ## Editorial remark - **Context:** Qian Zhimin's Tianjin Lantian Gree Electronic Technology collected 40.378 billion yuan from over 102,000 investors before Qian fled to the UK in 2017, where British police later seized over 61,800 BTC. - **Impact:** Over 102,000 victims who suffered nearly 20 billion yuan in losses must now navigate Chinese legal proceedings to pursue asset recovery following the UK High Court's choice-of-law ruling. - **Watch:** The conclusion of the Tianjin court's six-month claim registration window opened on Oct. 13, alongside pending victim appeals in British courts. Chinese prosecutors have initiated formal proceedings to confiscate more than 61,800 $BTC and additional cryptocurrency holdings connected to an alleged 40.378 billion yuan ($5.7 billion) wealth-management fraud, according to a report by The Paper cited by CoinDesk [1]. The case centers on Qian Zhimin, the alleged operator of Tianjin Lantian Gree Electronic Technology, whose unlicensed investment operation reportedly left over 102,000 investors with nearly 20 billion yuan in unrecovered losses between 2014 and 2017 [1]. Prosecutors allege that the enterprise operated as a Ponzi scheme, pitching guaranteed principal and inflated returns while redirecting customer deposits into real estate, luxury items, and substantial cryptocurrency reserves [1]. Qian absconded from China in 2017 and relocated to the United Kingdom, where law enforcement officials ultimately impounded the funds [1]. Alongside the primary Bitcoin cache, seized property included Bitcoin Cash, Bitcoin Gold, Bitcoin SV, Ripple, Dogecoin, cash, and jewelry [1]. ## Cross-Border Jurisdictional Maneuvering The domestic forfeiture push comes after the [UK High Court considered the applicable law in the multi-billion pound seizure](https://basisdesk.news/news/uk-high-court-bitcoin-seizure-zhimin-qian-ponzi), ruling that Chinese law must determine whether victims hold valid proprietary rights over the seized assets [1]. On Oct. 13, the Tianjin Second Intermediate People's Court admitted the prosecutors' petition to designate the holdings as illegal gains, opening a statutory six-month window for victims and claimants to enter the proceeding [1]. While British courts continue to evaluate claims under Chinese civil and property principles, legal counsel representing several defrauded participants are pursuing appeals against the jurisdictional decision [1]. Unregistered victims retain an avenue to seek proportional compensation from any recovered capital that Chinese authorities ultimately secure [1]. ## FAQ **Can victims recover funds if they miss the Tianjin court filing window?** According to court statements reported in the proceedings, victims who do not participate in the six-month registration window can still seek refunds from recovered assets at a later stage. **Which legal jurisdiction governs the Bitcoin seized in Britain?** A U.K. High Court ruled that Chinese law governs the alleged victims' proprietary claims to the seized Bitcoin, though some victims' lawyers are appealing the decision. ## Sources 1. [China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme](https://www.coindesk.com/markets/2026/10/22/china-seeks-to-seize-61-800-btc-tied-to-usd5-7-billion-fraud-scheme) — coindesk.com, 2026-10-22 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai