A court in Tianjin has accepted prosecutors' request to confiscate 61,896.41552945 Bitcoin and other assets linked to an alleged multibillion-yuan fundraising fraud. The development opens a Chinese judicial process around cryptocurrency already controlled by British authorities, but it does not transfer the coins or settle competing claims. The Tianjin Second Intermediate People's Court said the case was accepted on September 28 and announced the proceeding on October 13, according to detailed reporting by The Paper.

What prosecutors are seeking

The application concerns assets attributed to Qian Zhimin, the alleged controller of Tianjin Lantian Gerui Electronic Technology. Prosecutors say the company raised more than 40.378 billion yuan through unlicensed wealth-management products between 2014 and 2017. They allege that more than 102,000 participants suffered losses totaling almost 19.977 billion yuan after money was used to repay earlier participants, operate purported investment projects and acquire assets including Bitcoin. Those claims remain allegations within the Chinese confiscation process.

Related reporting: UK commits £500M and 500 officers to target crypto-enabled laundering

The asset list extends beyond Bitcoin

The request covers the 61,896 Bitcoin as well as Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, cash, jewelry and financial holdings. The Chinese notice also lists more than 70 million Dogecoin that British authorities had converted into an interest-bearing account. The court said relatives and other interested parties may apply to participate during a six-month notice period. Victims who do not join the proceeding may still seek repayment from assets ultimately recovered, according to the notice summarized by The Paper.

Why the UK proceedings matter

The Bitcoin is not sitting in China. The UK's Metropolitan Police seized devices, access keys and other property during searches beginning in 2018, and the assets are subject to British freezing and receivership orders. An October 12 High Court judgment records that the property includes more than 61,000 Bitcoin and that victims are pursuing claims under section 281 of the Proceeds of Crime Act 2002. The judgment addressed which country's law applies to those claims, not their final merits.

Chinese law will frame the ownership claims

Mr Justice Turner ruled that Chinese law should govern the substantive property questions because the alleged schemes, payments and economic harm occurred in China. The court expressly noted that evidence on the content of Chinese law and the basis of each claim had not yet been presented. That distinction is important: the ruling narrows the legal framework for the next stage, but it does not establish that the UK government, Chinese authorities or any individual claimant is entitled to the Bitcoin.

A cross-border test for digital-asset recovery

The case illustrates how cryptocurrency can connect enforcement actions in multiple jurisdictions without eliminating traditional legal questions. Control of private keys may be concentrated in one country while the alleged wrongdoing, victims and governing law point elsewhere. Courts must still determine ownership, trace proceeds and decide how recovered value should be distributed. For victims, the main uncertainty is not merely the number of coins seized but whether they can prove a proprietary interest under the law the UK court has chosen.

What happens next

The Chinese court is expected to review participation applications after the six-month notice period, while further UK hearings will consider whether claimants can establish interests in the seized property. Appeals may also alter the timetable. Until those steps are complete, descriptions of the Bitcoin as awarded, returned or permanently retained would be premature. The confirmed development is narrower: Chinese prosecutors have filed for confiscation, a Tianjin court has accepted the case, and British litigation over the same asset pool remains unresolved.

Sources

AI-generated editorial image; not a photograph of the reported event. Prepared with AI assistance and source verification.