UK High Court ruled that Chinese law governs claims over $5 billion in seized bitcoin (61,000 BTC) from a money laundering case involving Zhimin Qian.
Regulation & Gov ·
A London High Court judge ruled that Chinese law governs fraud victims' claims to 61,000 BTC seized from convicted fraudster Zhimin Qian, a decision that strengthens the UK government's position to retain the approximately $5 billion haul. The ruling came after the judge determined that the underlying fraud, victims' payments, and contracts all occurred in China, making Chinese law the applicable jurisdiction rather than English law, which victims' lawyers had viewed as more favorable to their claims. The determination of whether victims can establish property rights under Chinese law will be decided at a later stage, and lawyers representing the claimants have said they plan to appeal.