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.
Why it matters
The case represents one of the largest government Bitcoin seizure efforts to date and tests cross-border legal cooperation for cryptocurrency asset recovery. The UK court's ruling that Chinese law applies to ownership claims sets a precedent for international crypto asset disputes.
Where the sources disagree
Additional cryptocurrencies seized
Only Bitcoin mentioned
CoinDesk, Crypto.News, Bitcoin Insider
Bitcoin Cash, Bitcoin Gold, Bitcoin SV, 3.6M XRP, 70M DOGE also seized and converted to cash
Crypto News (CryptoNews.net)
Only Crypto News reports that Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, and Dogecoin were also seized and converted to cash by UK authorities
Value of seized Bitcoin
$5.7 billion (fraud scheme value)
CoinDesk, Crypto.News
$5.1 billion (seized Bitcoin value)
Crypto News (CryptoNews.net)
CoinDesk and Crypto.News report the fraud scheme is worth $5.7 billion, while Crypto News reports the seized Bitcoin alone is valued at $5.1 billion
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
amount recovered (seized)
$5.7
Crypto.News
$5.1
Crypto News (CryptoNews.net)
Crypto.News reports $5.7, Crypto News (CryptoNews.net) reports $5.1 (11% apart).
Key facts
Chinese prosecutors seek confiscation of more than 61,800 Bitcoin linked to a fraud scheme
61,800 BTCReported by CoinDesk
Qian Zhimin was sentenced in the UK to 11 years and eight months for money laundering in November 2025
Reported by Crypto.News
UK High Court ruled Chinese law governs victims' ownership claims to the seized Bitcoin
Reported by CoinDesk
Tianjin No. 2 Intermediate People's Court accepted the confiscation case on September 28 and announced it October 13, opening a six-month participation window
Reported by Crypto.News
UK authorities converted Bitcoin Cash, Bitcoin Gold, Bitcoin SV, 3.6 million XRP, and 70 million Dogecoin to cash in an interest-bearing account
Disputed figureReported by Crypto News (CryptoNews.net)
What happened
Chinese prosecutors have moved to seize more than 61,800 Bitcoin and other assets linked to an alleged 40.38 billion yuan ($5.7 billion) investment fraud operated by Qian Zhimin through Tianjin Lantian Gree Electronic Technology between 2014 and 2017. The scheme raised funds from over 102,000 investors who lost nearly 20 billion yuan. Qian fled China in 2017 and was sentenced in the UK in November 2025 to 11 years and eight months for money laundering. The UK High Court ruled that Chinese law governs victims' ownership claims to the seized Bitcoin, while the Tianjin No. 2 Intermediate People's Court opened a six-month window for victims and interested parties to join confiscation proceedings. One outlet reports the seized Bitcoin is valued at $5.1 billion and that UK authorities have already converted other cryptocurrencies including Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, and Dogecoin into cash held in an interest-bearing account.
How the story developed
- Official statement
Tianjin court formally accepts confiscation case
Tianjin No. 2 Intermediate People's Court accepts application to recover assets
- Official statement
Tianjin court announces case acceptance and opens six-month participation window
Victims and interested parties can join confiscation proceedings
- Official statement
UK High Court rules Chinese law governs victims' claims
British court determines jurisdiction for ownership claims to seized Bitcoin
- First report
First report by CoinDesk
China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme
- Update
Fraud scheme operates
Tianjin Lantian Gree Electronic Technology sells unlicensed wealth-management products across China
- Update
Qian Zhimin flees China
Alleged controller of the fraud scheme leaves the country
- Independent corroboration
Independently corroborated by Crypto.News
China wants 61,800 Bitcoin seized in UK over $5.7B fraud
- Official statement
Qian sentenced in UK for money laundering
Receives 11 years and eight months in prison after pleading guilty
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 22 Oct 2026, 06:24 UTC: CoinDesk — 1 independent source, 1 reports
- 22 Oct 2026, 07:20 UTC: Crypto.News — 2 independent sources, 2 reports
- 22 Oct 2026, 07:24 UTC: Bitcoin Insider — 3 independent sources, 3 reports
Affected entities
Also mentioned: XRP, Ripple
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| CoinDesk Crypto media | China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme | Original | |
| Crypto.News Crypto media | China wants 61,800 Bitcoin seized in UK over $5.7B fraud | Independent | |
| Bitcoin Insider Aggregator | China Seeks UK Seizure of 61,800 Bitcoin Linked to $5.7 Billion Fraud | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | China Demands UK Return $5.1B in Seized Bitcoin From Qian Fraud Case | Syndicated |
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