UK court ruling boosts government’s chances of keeping $5 billion in seized bitcoin
A London High Court ruled that Chinese law, rather than English law, governs claims regarding $5 billion in bitcoin seized from a convicted fraudster. This decision significantly complicates the ability of thousands of Chinese Ponzi scheme victims to recover their assets and increases the likelihood that the UK government will retain the funds.
Why it matters
The ruling sets a legal precedent for how jurisdictions handle property claims in international fraud cases involving seized digital assets.
由 AI 翻译 2 分钟阅读 Make preferred on 分享 分享这篇文章 复制链接 X icon X (Twitter) LinkedIn Facebook 电子邮件 Make preferred on (Shutterstock) 摘要 显示 A London court ruled that Chinese law governs fraud victims’ claims to 61,000 bitcoin, worth about £3.8 billion, because the underlying scheme and losses occurred in China. Zhimin Qian pleaded guilty to defrauding more than 128,000 investors through a Ponzi scheme before converting the proceeds into bitcoin and fleeing to Britain in 2017. The ruling does not determine ownership of the seized bitcoin, but it narrows victims’ path to recovery and increases the likelihood that the British government will retain most of it; the victims’ lawyers are appealing. A London court has strengthened the U.K.
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