Chinese prosecutors are seeking to confiscate over 61,800 Bitcoin tied to a $5.7 billion fraud scheme involving more than 102,000 investors. The case centers on Qian Zhimin, whose company sold unlicensed wealth products from 2014 to 2017, promising high returns but instead using funds to repay earlier investors and buy assets. Qian fled to the UK, where authorities seized his assets, including Bitcoin. A Chinese court has accepted the confiscation request and opened a six-month period for victims to join the case, while a UK court ruled that Chinese law governs claims to the seized Bitcoin. Further legal proceedings are expected as victims seek recovery under Chinese law.
The story about China's effort to seize 61,800 Bitcoin linked to a $5.7 billion fraud scheme provides context for readers following cryptocurrency markets. For readers following major cryptocurrencies on Pluang, here is the market snapshot as of Oct 22, 2026 13:02 WIB: out of 50 major cryptocurrencies, 10 rose and 39 fell today. Notable moves include EOS (EOS.IO) rising 8.13% to Rp12,649 with a typical hold time of 87 days, Kusama (KSM) dropping 6.40% to Rp72,433 with a buy-heavy order activity of 68%, and Curve DAO Token (CRV) down 5.48% to Rp6,652 with 88% sell order activity and a typical hold time of 62 days.
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