UK Moves Closer to Keeping $5B Bitcoin Haul After High Court Ruling

What happened: London's High Court ruled that Chinese law governs victims' claims to 61,000 BTC seized from convicted fraudster Zhimin Qian, siding with the Director of Public Prosecutions. Key numbers: 61,000 BTC seized, worth about $5 billion at around $83,200 per coin. Qian jailed over 11 years. Why it matters: English law was seen as more favorable to victims, and their lawyers at Fieldfisher plan to appeal. The ruling does not settle who keeps the Bitcoin; questions on Chinese law come later. Coverage: 5 outlets in 24h

London's High Court ruled that Chinese law governs victims' claims to 61,000 BTC seized from convicted fraudster Zhimin Qian, siding with the Director of Public Prosecutions.

English law was seen as more favorable to victims, and their lawyers at Fieldfisher plan to appeal. The ruling does not settle who keeps the Bitcoin; questions on Chinese law come later.