China's prosecutors seek $5.1 billion in Bitcoin seized from Zhimin Qian in UK

Prosecutors in Tianjin, China, have requested confiscation of 61,896 BTC seized from Zhimin Qian in the UK, according to a court notice reported by The Paper. The Bitcoin has a value of about $5.1 billion at a price of around $82,000 per coin. The Tianjin No. 2 Intermediate People's Court said the court accepted the application on September 28 and issued a notice on October 13. The court said evidence indicated that Qian committed fundraising fraud, primarily in Tianjin's Hedong district.

Prosecutors also seek about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV. The application additionally seeks around 3.6 million XRP and some 70 million Dogecoin. UK authorities have already converted the Dogecoin and deposited the proceeds in an account that earns interest. The application also seeks cash in U.S. dollars, euros and pounds, along with jewelry, bank balances and investment portfolios. The assets are held in the UK.

The prosecutors' application identifies Qian as the controller of Tianjin Lantian Gerui Electronic Technology. Prosecutors allege that Qian sold fraudulent wealth management products throughout China without a license from April 2014 to August 2017, guaranteeing returns. Prosecutors said the scheme collected more than 40.38 billion yuan, with most of the money not funding genuine business activities. Prosecutors said more than 102,000 investors suffered losses totaling about 19.98 billion yuan. Qian left China in July 2017 carrying computers containing Bitcoin wallets. Qian eventually arrived in the UK and exchanged some Bitcoin for other assets.

Prosecutors argue that the seized assets constitute criminal proceeds that should be recovered, returned to victims and otherwise confiscated. Qian's status as a wanted fugitive for over a year makes the case eligible for confiscation proceedings without the suspect present under Chinese rules. Victims can request participation through a WeChat mini-program. Victims who do not participate can still receive repayments from recovered assets. The court will hold a hearing after the six-month notice period ends.

Qian received a UK prison sentence of 11 years and eight months in November 2025 after admitting to acquiring and possessing criminal property. The Financial Times reported at the time that unnamed Treasury officials privately questioned whether the seized Bitcoin could cover a shortfall in UK public finances. Legal experts argued that victims might qualify for compensation by demonstrating a sufficient connection to the Bitcoin. UK prosecutors told the High Court weeks after Qian's guilty plea that prosecutors planned a victim compensation scheme, but provided no details. UK prosecutors have subsequently said a redress scheme administered from China could compensate victims.

The High Court ruled on October 12 that Chinese law should govern thousands of victims' claims to the Bitcoin. The decision is seen as strengthening the UK government's prospects of retaining the coins. Fieldfisher, which represents the claimants, said the firm is seeking to appeal.

David Phillips, a dispute resolution partner at London law firm SMB, wrote on Wednesday that the ruling does not establish whether victims own the Bitcoin. Phillips said the court has not yet heard evidence about the content of Chinese law. Phillips wrote that proving Bitcoin was purchased with money taken from a victim does not necessarily allow the victim to recover the cryptocurrency. Phillips added that cryptocurrency can function across borders while ownership rights can still raise highly territorial questions about which law applies.