Chinese prosecutors seek to confiscate 61,896 BTC seized in UK from Zhimin Qian
In brief
- Tianjin court accepted prosecutors' bid to confiscate 61,896 BTC seized from Zhimin Qian in the UK.
- 61,896 BTC worth an estimated $5.1 billion at roughly $82,000 per coin.
- Prosecutors allege a fraud that left more than 102,000 investors with about 19.98 billion yuan in losses.
- Six-month notice period runs before the court hears the case.
- UK High Court ruled Chinese law governs victims' claims; claimants' lawyers plan to appeal.
What prosecutors want
The court said there was evidence that Qian committed fundraising fraud, mainly in Tianjin's Hedong district. Prosecutors allege she controlled Tianjin Lantian Gerui Electronic Technology and, between April 2014 and August 2017, sold fake wealth management products across China without a license. They say the scheme raised more than 40.38 billion yuan (most of it never used for any genuine business) and left more than 102,000 investors with losses of about 19.98 billion yuan.
It's not only the Bitcoin. Prosecutors also want about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, roughly 3.6 million XRP and some 70 million Dogecoin, which UK authorities converted and placed in an interest-bearing account. Cash, jewelry, bank balances and investment portfolios are on the list too.
Because Qian has been a wanted fugitive for more than a year, the case falls under Chinese rules that allow confiscation without the suspect present. Victims can join through a WeChat mini-program; those who don't can still receive repayments from recovered assets.
The notice period runs six months. Then the court hears the case.
The London fight
Qian fled China in July 2017 with computers holding Bitcoin wallets and eventually reached the UK, where she converted some coins into other assets. She was jailed for 11 years and eight months in November 2025 after pleading guilty to acquiring and possessing criminal property.
The Financial Times reported that unnamed Treasury officials had privately raised whether the seized Bitcoin could help fill a shortfall in UK public finances. UK prosecutors have since said victims could be compensated through a redress scheme run from China.
On October 12, the High Court ruled that Chinese law should govern thousands of victims' claims to the coins (a decision seen as improving the UK government's chances of keeping them). Fieldfisher, which represents the claimants, said it's seeking to appeal.
David Phillips, a dispute resolution partner at London firm SMB, wrote that the ruling doesn't decide whether victims own the Bitcoin, since no evidence has yet been heard on the content of Chinese law.
"Cryptoassets may operate without borders, but proprietary rights in them remain capable of raising intensely territorial questions of applicable law," Phillips added.
Frequently asked questions
When will the Tianjin court hear the Qian confiscation case?
The Tianjin No. 2 Intermediate People's Court accepted the application on September 28 and published a notice on October 13. A six-month notice period follows, and after it ends the court will hear the case.
Can China confiscate the Bitcoin if Qian isn't present?
Yes, under Chinese rules. Qian has been a wanted fugitive for more than a year, so the case falls under rules that allow confiscation without the suspect present.
What did the UK High Court decide about the Qian Bitcoin?
On October 12, the High Court ruled that Chinese law should govern thousands of victims' claims to the coins. Fieldfisher, which represents the claimants, said it is seeking to appeal. SMB's David Phillips wrote that the ruling doesn't decide whether victims own the Bitcoin.
