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

Prosecutors in Tianjin have applied to confiscate 61,896 Bitcoin and other assets linked to Zhimin Qian, with a local court accepting the case, according to a court notice reported by Chinese outlet The Paper. The Bitcoin is worth about $5.1 billion at its current price of around $82,000.

Besides the Bitcoin, prosecutors are seeking about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, around 3.6 million XRP, and some 70 million Dogecoin, which UK authorities have already converted and placed in an interest-bearing account. The application also covers U.S. dollar, euro and pound cash, jewelry, bank balances and investment portfolios.

Fraud Scheme Details

According to prosecutors' application, Qian controlled Tianjin Lantian Gerui Electronic Technology and between April 2014 and August 2017 sold fake wealth management products across China without a license, promising guaranteed returns. The scheme raised more than 40.38 billion yuan, most of which was not used for genuine business, leaving over 102,000 investors with losses totaling approximately 19.98 billion yuan.

Qian fled China in July 2017 with computers holding Bitcoin wallets and eventually reached the UK, where she converted some of the coins into other assets. Prosecutors argue the seized assets are proceeds of crime that should be recovered and returned to victims.

Legal Proceedings

The Tianjin court accepted the application on September 28 and published a notice on October 13. Because Qian has been a wanted fugitive for over a year, the case falls under Chinese rules allowing confiscation without the suspect present. Victims can apply to join proceedings through a WeChat mini-program, though those who do not will still receive repayments from recovered assets.

In the UK, Qian was jailed for 11 years and eight months in November 2025 after pleading guilty to acquiring and possessing criminal property. UK prosecutors have indicated plans for a compensation scheme for victims, though details remain unclear.

Jurisdictional Dispute

On October 12, the UK High Court ruled that Chinese law should govern thousands of victims' claims to the coins, a decision seen as improving the UK government's chances of keeping them. Law firm Fieldfisher, representing claimants, said it is seeking to appeal.

The ruling does not decide whether victims own the Bitcoin, as no evidence has yet been heard on the content of Chinese law. The notice period runs for six months, after which the Tianjin court will hear the case.