Chinese prosecutors are seeking to confiscate over 61,800 Bitcoin linked to a $5.7 billion fraud case involving over 102,000 investors. The case stems from alleged fraudulent sales of unlicensed wealth-management products, and a UK court has ruled Chinese law governs victims’ claims to the seized coins.
Markets China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme Chinese prosecutors are seeking to confiscate more than 61,800 Bitcoin tied to a $5.7 billion fraud scheme, days after a U.K. court ruled Chinese law governs victims’ claims to the coins. By Omkar Godbole , AI Boost | Edited by Shaurya Malwa Oct 22, 2026, 2:24 a.m. EDT 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Summary Show Chinese prosecutors are seeking to confiscate more than 61,800 BTC and other assets linked to an alleged $5.7 billion fraud that affected more than 102,000 investors. Prosecutors say Qian Zhimin’s company sold unlicensed wealth-management products, used investors’ money to repay earlier participants and buy assets, and left victims with nearly 20 billion yuan in losses. A British court ruled that Chinese law should govern victims’ claims to the Bitcoin seized in Britain, while a Chinese court has opened a six-month period for interested parties to join the confiscation case. Chinese prosecutors have moved to seize more than 61,800 Bitcoin linked to a massive fraud case worth over 40 billion yuan, roughly $5.7 billion, according to reporting by Chinese outlet The Paper . The case centers on Qian Zhimin, the alleged controller of Tianjin Lantian Gree Electronic Technology. Prosecutors say that from 2014 to 2017, the company sold unlicensed wealth-management products across China, promising guaranteed principal and high returns. The scheme raised more than 40.378 billion yuan from more than 102,000 investors, who lost nearly 20 billion yuan. This money, however, was allegedly used to repay earlier investors, run fake investment projects, buy Bitcoin and acquire property, cars and jewelry, instead of funding real businesses. Qian then fled China in 2017 and later settled in the UK. British authorities eventually seized his assets, including more than 61,800 bitcoin, plus bitcoin cash, bitcoin gold, bitcoin SV, ripple, dogecoin, cash, jewelry and investment holdings. On Oct. 13, Tianjin’s Second Intermediate People’s Court said it had accepted prosecutors’ request to confiscate the assets as illegal gains. The court has opened a six-month period for victims and other interested parties to join the case. Victims who do not participate can still seek refunds from recovered assets. The development comes days after a U.K. High Court ruled that Chinese law, rather than English law, should govern alleged victims’ claims to the more than 61,000 BTC seized in Britain. The ruling doesn’t mean that victims can never recover their coins. Instead, it calls for assessing whether the victims have a property claim under Chinese law, with further hearings expected. The case is one of China’s largest alleged crypto-linked frauds—and the Bitcoin stash could be worth far more today than when it was seized. Read More: Newsletters Crypto Daybook Americas - The latest moves in crypto markets, in context Market analysis for crypto traders and investors. Preview Sign up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk’s full AI Policy . Latest Crypto News 1 Solana’s biggest network change since 2020 is live. 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