News · Regulation & Policy
Victims of a £4.1 billion Chinese Ponzi scheme run by Zhimin Qian seek proprietary claims over billions in seized Bitcoin under English law.
Key point 1 of 3
01
UK DPP seized billions of pounds in Bitcoin tied to a £4.1 billion Chinese Ponzi scheme operated by Zhimin Qian.
Key point 2 of 3
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At least 128,409 investment contracts were entered into by Chinese victims prior to Qian's flight to London in 2017.
Key point 3 of 3
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The English High Court must decide whether English or Chinese law governs Section 281 claims to the seized cryptocurrency.
Context
Zhimin Qian established Tianjin Lantian Gerui Electronic Technology in 2014, operating unlicensed Ponzi schemes that collected RMB 40.2 billion before Chinese authorities froze…
Why it matters
More than 128,000 Chinese contract holders face legal hurdles to demonstrate proprietary rights over seized Bitcoin currently held under UK Proceeds of Crime Act jurisdiction.
What to watch
The High Court's impending decision on whether English or Chinese conflict-of-laws principles will govern evidentiary requirements for the victims' restitution claims.
Sources
Built from 1 primary source, machine-checked before publication.
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