The Tianjin No. Intermediate People's Court has accepted the application to confiscate the 61800 bitcoins and other assets involved in the Qian Zhimin case

AT A GLANCE

The Second Intermediate Court of Tianjin has accepted the application to confiscate the assets involved in the Qian Zhimin case, involving 61800 Bitcoin and other assets.

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【Qian Zhimin 40000000000 Illegal Fundraising Case Update: Prosecutors Apply to Confiscate 61800 Bitcoin and Other Assets; Court Has Accepted the Case】

The case involving Qian Zhimin, which concerns illegal fundraising totaling more than 40000000000 and more than 60000 Bitcoin, has reached a new stage in domestic judicial proceedings. On October 13, the Second Intermediate People's Court of Tianjin Municipality announced that it had filed and accepted the application by the Second Branch of the Tianjin Municipal People's Procuratorate to confiscate the illegal proceeds of suspect Qian Zhimin. According to the list of assets subject to the confiscation application released by the Second Intermediate Court of Tianjin, in addition to Bitcoin, the virtual currencies involved also include September 28 Bitcoin Cash, 72745.79502 Bitcoin Gold, 72745.78555 Bitcoin SV, 72745.7845 XRP, and 3605989.9995 Dogecoin (converted by the UK judicial authorities and deposited into an interest-bearing account). In addition, the assets subject to the confiscation application include 70081208.62553222, pound sterling cash, jewelry, and bank balances, investment portfolios, and other assets. The Second Branch of the Tianjin Municipal People's Procuratorate believes that Qian Zhimin is suspected of the crime of fundraising fraud and, after absconding, was wanted for USD、EUR years without being apprehended. There is evidence that the 1 Bitcoin and other assets seized from him in the UK constitute illegal proceeds and the fruits thereof. The illegal proceeds, property into which they were converted or transformed, and the fruits thereof should be recovered in accordance with the law and confiscated, except for the portion legally returned to affected fundraising participants. 61800

Key points

The Second Intermediate People's Court of Tianjin Municipality stated that it had, on September 28, filed and accepted the application by the Second Branch of the Tianjin Municipal People's Procuratorate to confiscate Qian Zhimin's illegal proceeds.
The announcement was published on October 13。
The assets subject to the confiscation application include 61800 and virtual currencies including Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, and Dogecoin.
The assets subject to the confiscation application also include USD、EUR, pound sterling cash, jewelry, bank balances, and investment portfolios, among others.
The Second Branch of the Tianjin Municipal People's Procuratorate believes that Qian Zhimin is suspected of the crime of fundraising fraud and, after absconding, was wanted for 1 years without being apprehended.
The prosecutors believe that the 61800 Bitcoin and other assets seized in the UK constitute illegal proceeds and the fruits thereof, and have applied for their recovery and confiscation in accordance with the law, except for the portion legally returned to affected fundraising participants.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

The prosecutors have asked the court to confiscate the assets in the Qian Zhimin case identified as illegal proceeds and the income derived from them. The court has accepted the application. This means that the procedure has begun; it does not mean that the court has issued a final confiscation ruling.

Why it matters to readers

The case involves substantial virtual currency and other assets. Subsequent rulings will affect whether these assets are confiscated and whether they are legally returned to affected fundraising participants.

“Acceptance” only means that the court has accepted the application and begun reviewing it. Whether the assets will ultimately be confiscated and how they will be handled will depend on subsequent rulings or announcements.

Risks and unknowns

The available materials only state that the court has accepted the application; they do not state whether the court will ultimately approve the confiscation.
The available materials do not state whether the Bitcoin and other virtual assets involved will be sold, auctioned, or disposed of through the public market.
The available materials do not state the specific arrangements for returning assets to affected fundraising participants.
The source materials do not directly provide the original announcement of the Second Intermediate People's Court of Tianjin Municipality or an independent corroborating source.

The Tianjin No. Intermediate People's Court has accepted the application to confiscate the 61800 bitcoins and other assets involved in the Qian Zhimin case

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