Chinese Court Seeks to Confiscate Billions in Crypto Tied to Fraud Case

Chinese prosecutors are seeking court approval to confiscate about $5 billion in Bitcoin and other digital tokens from Qian Zhimin, who was convicted of money laundering. The Tianjin No. 2 Intermediate People’s Court accepted the seizure request, which covers 61,896.41552945 BTC plus cash, jewelry, deposits, and investments. Authorities allege the case involves 40.38 billion yuan raised from over 102,000 investors through fraudulent high-yield products, with losses near 19.98 billion yuan, while a UK ownership dispute continues.

EXPANDED:

Tianjin No. 2 Intermediate People’s Court accepted the seizure request on 28 September and announced it on 13 October. Prosecutors seek 61,896.41552945 BTC plus XRP, Dogecoin, and conventional assets including dollar, euro, and pound cash, jewelry, deposits, and investments. UK authorities already liquidated Dogecoin into an interest-bearing account.

The alleged scheme ran from April 201