UK High Court ruling favors government retention of 61,000 BTC (~$5B) seized from Zhimin Qian by applying Chinese law to fraud victims' claims.
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.