Bitcoin
UK High Court Rules Chinese Law Applies to $5B Seized Bitcoin Dispute
A British court has ruled that Chinese law governs victim claims over 61,000 seized bitcoins, potentially improving the UK government's position.
A high-stakes legal battle is unfolding in the United Kingdom over 61,000 bitcoins seized in connection with the Zhimin Qian case, a fortune valued at roughly £3.8 billion or $5 billion. High Court Judge Mark Turner ruled on Monday, October 12, that claims made by Chinese victims must be evaluated under Chinese law rather than English law.
The dispute pits UK authorities against around 16,000 investors who fell victim to a fraud orchestrated in China between 2014 and 2017. While lawyers for the victims pushed for English law or a blended framework to facilitate asset recovery, the judge backed prosecutors, noting that the fraudulent statements, investments, and initial financial harm all took place in China.
The proceedings are being conducted under the UK Proceeds of Crime Act 2002. Under this framework, claimants must prove direct property rights over the seized assets rather than merely holding a debt or claim for reimbursement against the fraudsters. Law firm Duan & Duan, representing some victims, emphasized that a standard claim is insufficient to establish ownership of the purchased bitcoins. Law firm Fieldfisher has indicated plans to appeal, leaving the ultimate distribution of the assets undecided.
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