Quick answer: In a bitcoin confiscation bid, Chinese prosecutors have asked Tianjin’s No. 2 Intermediate People’s Court to confiscate more than 61,800 bitcoin seized in the UK from fraudster Qian Zhimin, worth about $5.07 billion at $82,109 per coin (CoinGecko, Oct. 22, 2026). The court opened a six-month window for victims to join, per Yicai and CoinDesk.
The largest pile of seized bitcoin in the UK now has two governments circling it. In a new bitcoin confiscation case, Chinese prosecutors have asked a court in Tianjin to take more than 61,800 BTC that British police seized from Qian Zhimin, the woman behind a 40 billion yuan investment fraud, CoinDesk reported on Oct. 22, 2026, citing The Paper.
At $82,109 per coin on CoinGecko at about 07:53 UTC on Oct. 22, the stash is worth roughly $5.07 billion. That is why the bid is about far more than legal pride.
What is China asking for in the bitcoin confiscation case?
The Tianjin No. 2 Intermediate People’s Court accepted the prosecutors’ application on Sept. 28, 2026, and announced it on Oct. 13, Yicai reported. Prosecutors want the court to treat the coins as illegal gains.
However, the list goes beyond bitcoin. British authorities also seized more than 72,700 bitcoin cash, more than 3.6 million XRP, cash and jewelry, according to the court notice cited by Yicai. Prosecutors argue that the proceeds, anything bought with them and any income they produced should all be confiscated, minus amounts returned to victims.
The court opened a six-month period for victims and other interested parties to join the case. Victims who stay out do not lose their right to compensation from recovered assets.
How did a Chinese fraud end up with bitcoin in London?
From April 2014 to August 2017, Qian sold unlicensed wealth-management products across China through Tianjin Lantian Gerui Electronic Technology, Yicai reported. The scheme raised nearly 40.4 billion yuan, about $5.7 billion, from more than 102,000 investors, who lost over 19.9 billion yuan.
Instead of funding real businesses, much of the money went into bitcoin. Then, in July 2017 Qian fled abroad with a computer holding a bitcoin wallet and eventually reached the UK. Interpol issued a Red Notice in February 2018.
London police seized wallets and devices in raids in 2018 and on April 22, 2024, the Crown Prosecution Service said. On Nov. 11, 2025, Qian was jailed for 11 years and eight months for money laundering, as we covered in our report on the UK court ruling over the seized coins.
Does bitcoin confiscation in China mean the UK must hand over the coins?
Not automatically. The coins sit in UK custody, and a civil recovery case in London decides what happens to them under the Proceeds of Crime Act 2002.
On Oct. 12, 2026, the UK High Court ruled that Chinese law, not English law, governs whether victims own any of the coins, a CMS legal update explains. Then, at an Oct. 16 hearing, the judge let about 16,000 Chinese victims appeal that ruling, PANews reported, citing Caixin.
UK prosecutors had told the court that victims could be paid through a scheme run by Chinese authorities, Yicai said. As a result, the Tianjin bitcoin confiscation case gives Beijing a formal claim to point to while London decides ownership. Neither court has yet set a final split.
Why does the choice of law matter so much?
In short, it mostly decides who keeps bitcoin’s gains. Victims lost yuan between 2014 and 2017, while the coins are now worth billions of dollars. If victims are repaid only their losses, a large surplus may remain, and the fight over that surplus is now between the UK and China.
What does this mean for the bitcoin market?
For now, very little. The coins do not move while the courts work, and there is no deadline that forces a sale. Bitcoin traded around $82,000 on Oct. 22, down about 1.2% in 24 hours on CoinGecko, with no sign this case drove the move. You can follow it on our bitcoin price page.
However, over the longer term, 61,800 BTC is a supply overhang worth tracking, much like the Mt. Gox repayment deadline. Any transfer to China, any UK sale, or any distribution to victims would put a big block of coins in play. None of the public court documents say how or when that would happen.
The case is also a test for cross-border bitcoin confiscation. Governments are getting better at freezing crypto, as the US crackdown on scam networks shows. Still, deciding who keeps it is the harder part.
Bitcoin Confiscation Case FAQ
How big is China’s bitcoin confiscation claim?
Chinese prosecutors are seeking more than 61,800 BTC seized in the UK from Qian Zhimin, plus bitcoin cash, XRP, cash and jewelry. At $82,109 per coin on Oct. 22, 2026 (CoinGecko), the bitcoin alone is worth about $5.07 billion.
Which court is hearing China’s bitcoin confiscation case?
The Tianjin No. 2 Intermediate People’s Court accepted the case on Sept. 28, 2026, and announced it on Oct. 13, according to Yicai. It opened a six-month period for victims and other interested parties to join.
Will victims get the bitcoin back?
Not yet decided. A UK High Court ruled on Oct. 12, 2026, that Chinese law governs victims’ ownership claims, and victims won permission to appeal on Oct. 16. Victims who skip the Tianjin case keep their right to compensation from recovered assets.
Could the 61,800 BTC be sold on the market?
There is no announced sale. The coins stay in UK custody while the UK civil case and the appeal play out, and no public filing says when or how any coins would be sold or transferred.
Sources
- CoinDesk: China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme
- Yicai: Tianjin court to hear $5 billion crypto asset confiscation case
- CMS: DPP v Qian, Chinese law to govern victims’ claims
- PANews: UK High Court grants Chinese victims permission to appeal
- Crown Prosecution Service: Two people imprisoned in large-scale money laundering case
- CoinGecko: Bitcoin price
Not financial advice. This article is for information only. Do your own research (DYOR) before making any investment decision.
