Chinese prosecutors are confiscating over 61,800 Bitcoin and other assets tied to a $5.7 billion investment fraud led by Qian Zhimin, who fled China in 2017 and is now imprisoned in the UK. The fraud involved more than 102,000 investors who lost nearly 20 billion yuan through unlicensed wealth products promising high returns. A Chinese court has opened a six-month period for victims to join confiscation proceedings, while the UK High Court ruled that Chinese law governs ownership claims on the seized cryptocurrency. The legal battle over who owns the Bitcoin continues, with further hearings and appeals expected.
The story concerns China seeking the seizure of 61,800 Bitcoin linked to a $5.7 billion fraud. For readers following cryptocurrency markets, here is Pluang's market snapshot as of Oct 22, 2026 14:21 WIB: out of 50 major cryptocurrencies, 7 rose and 42 fell today. Polkadot traded at Rp20.097 with a 1-day change of -3.29%, and a typical hold time on Pluang of 122 days.
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