- Chinese prosecutors are seeking confiscation of 61,896 Bitcoin worth more than $5 billion, alongside XRP, Dogecoin and other assets linked to the fraud.
- The court has accepted the application, but the final confiscation and distribution of assets remain unresolved.
Chinese prosecutors are seeking to confiscate 61,896 Bitcoin worth more than $5 billion, along with other cryptocurrency holdings and assets linked to a major investment fraud that affected more than 102,000 investors.
The Tianjin No. 2 Intermediate People’s Court accepted the confiscation application on September 28 and published a notice on October 13, according to Chinese media reports. The Bitcoin was seized by British authorities in an investigation involving Zhimin Qian, who operated an illegal wealth-management scheme in China.
Between April 2014 and August 2017, Qian’s operation raised more than 40.378 billion yuan, equivalent to approximately $5.7 billion at reported exchange rates. Investors suffered losses of around 19.977 billion yuan, according to the court-related disclosures.
Other Crypto Assets Included in the Case
The confiscation application covers 61,896.41552945 BTC, as well as other digital assets, including Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP and Dogecoin. Cash, jewelry, bank balances and other financial assets are also included.
Qian left China in 2017 and later moved to the United Kingdom. British police seized devices and cryptocurrency-related assets connected to the case in 2018. In November 2025, Qian was sentenced to 11 years and eight months in prison in the UK after pleading guilty to cryptocurrency-related money-laundering offences.
The confiscation request does not mean the Bitcoin has already been transferred to Chinese authorities. British authorities currently hold the seized assets, and legal proceedings in both countries could affect their eventual distribution.
A UK High Court ruling on October 12 determined that Chinese law should govern key questions about investors’ ownership claims to the Bitcoin. The ruling did not finally decide who owns the assets.
The Chinese court has opened a six-month notice period for investors and other interested parties to participate in the proceedings. The final decision will determine how the assets are handled and what compensation may be available to victims.