Chinese Prosecutors Seek to Confiscate $5.1B in Bitcoin Seized by UK in Qian Case

What happened: Prosecutors in Tianjin applied to confiscate 61,896 BTC and other assets linked to Zhimin Qian, and the Tianjin No. 2 Intermediate People's Court accepted the case. Key numbers: Bitcoin worth about $5.1 billion at around $82,000. Why it matters: The UK High Court ruled Chinese law should govern victims' claims to the coins, which Fieldfisher said it is seeking to appeal. A lawyer said the ruling shows a victim cannot necessarily recover cryptocurrency just by proving the Bitcoin was bought with stolen money.

Prosecutors in Tianjin applied to confiscate 61,896 BTC and other assets linked to Zhimin Qian, and the Tianjin No. 2 Intermediate People's Court accepted the case.

The UK High Court ruled Chinese law should govern victims' claims to the coins, which Fieldfisher said it is seeking to appeal. A lawyer said the ruling shows a victim cannot necessarily recover cryptocurrency just by proving the Bitcoin was bought with stolen money.