Chinese Court Accepts Confiscation Application for Billions in Crypto from Fraud Case
The Tianjin No. 2 Intermediate People's Court accepted a confiscation application for crypto assets seized from convicted money launderer Qian Zhimin, including approximately 61,896.41552945 BTC worth roughly $5 billion.
Why it matters
This represents one of the largest cryptocurrency confiscation efforts by Chinese authorities, potentially setting precedent for how seized crypto assets are handled in major fraud cases. The involvement of British authorities in converting DOGE holdings shows cross-border coordination.
Key facts
The Tianjin No. 2 Intermediate People's Court accepted a confiscation application for crypto assets seized from Qian Zhimin
Reported by U.Today
The application also covers millions of XRP and DOGE tokens
Reported by U.Today
DOGE holdings were reportedly converted to cash by British judicial authorities and deposited into an interest-bearing account
Reported by U.Today
The court announced acceptance on October 13 after formally accepting the application on September 28
Reported by U.Today
What happened
U.Today reports that Chinese prosecutors are seeking to confiscate crypto assets worth billions from Qian Zhimin, convicted of money laundering through Tianjin Lantian Gerui Electronic Technology. The Tianjin No. 2 Intermediate People's Court announced on October 13 it had accepted the confiscation application on September 28. The application covers 61,896.41552945 BTC valued at roughly $5 billion, along with millions of XRP and DOGE tokens, cash in multiple currencies, jewelry, bank deposits and investment portfolios. U.Today notes the DOGE holdings were reportedly already converted to cash by British judicial authorities. The fraud scheme allegedly raised approximately 40.38 billion yuan (roughly $6 billion) from over 102,000 investors between April 2014 and August 2017. Only U.Today covers this story; claims are attributed to that outlet.
How the story developed
- Official statement
Court accepts confiscation application
Tianjin No. 2 Intermediate People's Court formally accepts application on September 28
- Official statement
Court announces acceptance
Court publicly announces acceptance of confiscation application on October 13
- First report
First report by U.Today
China Seeks to Confiscate Billions in BTC, XRP, DOGE, BCH, BTG and BSV
- Update
Fraud scheme operates
Tianjin Lantian Gerui Electronic Technology allegedly raised funds from investors
Affected entities
Also mentioned: United States, United Kingdom
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| U.Today Crypto media | China Seeks to Confiscate Billions in BTC, XRP, DOGE, BCH, BTG and BSV | Original |
Related events
Chinese prosecutors seek UK seizure of 61,800 Bitcoin linked to $5.7 billion fraud case
Chinese prosecutors are pursuing confiscation of over 61,800 Bitcoin held in the UK tied to a $5.7 billion fraud scheme that defrauded more than 102,000 investors.
South Korea's FSC to review crypto market making after JPYC spiked on Upbit
South Korea's FSC will review allowing crypto market makers after yen stablecoin JPYC traded up to 37.6 won on Upbit, roughly four times its 1:1 yen peg.
Bitcoin trades in an $83,000-$85,000 range as Quant, Chainlink and other altcoins post double-digit daily gains
Bitcoin held a range near $83,000-$85,000 across the period covered by eight reports while altcoins including Quant, Chainlink, Bitcoin Cash and NEAR posted double-digit gains.
Eight AI chatbots put bitcoin's 2026 year-end close between $95,000 and $115,000
Bitcoin.com News asked eight AI chatbots for bitcoin's year-end 2026 price; all eight said $95,000 to $115,000, above a spot price just below $85,000.
Bitcoin falls to $83,500 as capital rotates into Bitcoin Cash and yields rise
CoinDesk reported Bitcoin at $83,500, down 2.55% over 24 hours, while Bitcoin Cash jumped 28% to nearly $349 after CME Group said it will list futures on the token.
