Chinese prosecutors have formally applied to confiscate approximately 61,896 bitcoin currently held by UK authorities, along with a range of other cryptocurrencies and property tied to convicted fraudster Qian Zhimin. The Tianjin No. 2 Intermediate People's Court accepted the application on September 28 and published a public notice on October 13, opening a six-month window for victims and other interested parties to participate.

The bitcoin alone is valued at roughly $5.1 billion based on recent market prices near $82,000. Prosecutors also seek forfeiture of about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, around 3.6 million XRP, proceeds from roughly 70 million Dogecoin already sold by UK authorities, plus cash holdings in US dollars, euros and pounds, jewelry, bank balances and investment portfolios.

Details of the Alleged Scheme

According to the prosecutors' filing, Qian controlled Tianjin Lantian Gerui Electronic Technology and, between April 2014 and August 2017, marketed unlicensed wealth-management products across China. The products promised guaranteed principal and high returns. The operation raised more than 40.38 billion yuan, equivalent to about $5.7 billion, from more than 102,000 investors. Prosecutors stated that most of the funds were not deployed in genuine business activities. Instead, money was used to repay earlier participants, finance fictitious projects, and purchase cryptocurrency, real estate, vehicles and luxury goods. Investors ultimately suffered combined losses of approximately 19.98 billion yuan.

Qian left China in July 2017, taking a computer that held access to bitcoin wallets. She later entered the United Kingdom using a passport issued by St. Kitts and Nevis under the name Yadi Zhang. UK investigators began examining the assets in 2018 after receiving intelligence about suspected criminal property. Devices and private keys recovered during searches of a London property and a safe-deposit box in late 2018 provided access to the large bitcoin holdings.

British authorities arrested Qian in April 2024. She pleaded guilty to offenses involving the acquisition and possession of criminal property and was sentenced in November 2025 to 11 years and eight months in prison. An associate, Jian Wen, had earlier received a sentence of six years and eight months for related money-laundering activity.

Chinese Confiscation Proceedings

Because Qian has remained a wanted fugitive for more than a year, Chinese rules permit the confiscation process to continue in her absence. Prosecutors argue the seized assets represent proceeds of crime that should be recovered and, where appropriate, returned to victims. Victims may register through a WeChat mini-program. Those who do not join the current proceedings remain eligible to receive compensation from any assets ultimately recovered.

The court notice states that the six-month period will allow relatives and other interested parties to assert claims before a formal hearing takes place.

Parallel Proceedings in the United Kingdom

The same assets remain the subject of ongoing litigation in London. On October 12 the High Court ruled that Chinese law, rather than English law, should govern the substantive ownership claims brought by victims seeking a share of the bitcoin. The decision does not determine whether individual investors hold proprietary rights in the coins; further hearings will examine the content of Chinese law and the evidence supporting each claim.

Roughly 16,000 victims have joined the British recovery proceedings. Law firm Fieldfisher, which represents some claimants, has indicated it is preparing an appeal. UK prosecutors have previously stated that compensation could be delivered through a redress scheme administered from China. Civil recovery applications under the Proceeds of Crime Act continue in parallel, with the High Court still to resolve competing claims to the cryptocurrency.

The dual legal tracks illustrate the practical difficulties that arise when large volumes of digital assets linked to cross-border fraud are frozen in one jurisdiction while the underlying criminal conduct and the bulk of the victims remain in another.