Fraud Victims Hit Legal Wall in Britain’s $5B Bitcoin Battle
A British High Court ruling has dealt a significant setback to Chinese fraud victims seeking ownership of more than 61,000 bitcoin seized by London police. The cryptocurrency haul, now worth approximately $5 billion, originated from an enormous Ponzi scheme orchestrated by convicted fraudster Zhimin Qian. The Oct. 12 decision places Chinese law at the center […]
A British High Court ruling on Oct. 12 dealt a setback to Chinese fraud victims seeking ownership of more than 61,000 bitcoin seized by London police, a haul now worth roughly $5 billion. The coins came from a Ponzi scheme run by convicted fraudster Zhimin Qian, and the decision places Chinese law at the center of the ownership dispute. The case is a legal custody battle over seized assets rather than a market-moving event, though it keeps a large bitcoin stockpile in limbo and could eventually affect supply if the coins are liquidated.
