Tianjin court accepts forfeiture application involving over 61800 Bitcoin BTC in the Qian Zhimin case

AT A GLANCE

Chinese prosecutors apply to forfeit more than 61800 Bitcoin and other assets in the Qian Zhimin case; the court has accepted the application, and the final outcome remains to be determined.

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【Chinese prosecutors seek forfeiture of over 61800 Bitcoin】

Chinese prosecutors are seeking the forfeiture of more than 40000000000 yuan CNY in connection with a fraud case, including more than 61,800 Bitcoin and other assets. The case involves Qian Zhimin, the actual controller of Tianjin Lantian Gerui Electronic Technology. Prosecutors said that from 2014 to 2017 the company sold unlicensed wealth-management products in China, raising more than 102000 investors and over 40378000000 yuan CNY; investors lost nearly 20000000000 yuan CNY. The funds were allegedly used to repay earlier investors, operate fictitious investment projects, and purchase Bitcoin, property, cars, and jewelry, rather than being invested in genuine businesses. Qian Zhimin fled China in 2017 and later settled in the United Kingdom. UK authorities have seized assets, including more than 61,800 Bitcoin, as well as Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, Dogecoin, cash, jewelry, and investment holdings.October 13 The Tianjin Second Intermediate People's Court said it had accepted the prosecutors' application to forfeit the above assets as proceeds of crime and opened a 6-month public-notice period for victims and interested parties to participate in the proceedings; those who do not participate may still apply for compensation from recovered assets. Previously, the High Court of England and Wales ruled that, regarding more than 61,000 Bitcoin seized in the UK, victims' claims should be governed by Chinese law rather than English law. The ruling requires victims' property rights to be determined under Chinese law, and further hearings will be held; some victims' lawyers are seeking an appeal.

Key points

Chinese prosecutors are seeking the forfeiture of more than 61,800 Bitcoin and other assets related to a fraud case.
Prosecutors said that from 2014 to 2017 Tianjin Lantian Gerui Electronic Technology sold unlicensed wealth-management products and raised more than 102000 investors and over 40378000000 yuan CNY; investors lost nearly 20000000000 yuan CNY。
UK authorities have seized Qian Zhimin's assets, including more than 61,800 Bitcoin and other crypto assets, cash, jewelry, and investment holdings.
October 13 The Tianjin Second Intermediate People's Court said it had accepted the prosecutors' forfeiture application and opened a 6-month public-notice period.
The High Court of England and Wales previously ruled that victims' property rights concerning more than 61,000 Bitcoin seized in the UK should be determined under Chinese law; further hearings will be held, and some victims' lawyers are seeking an appeal.

AI-assisted interpretation

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

What has occurred so far is that prosecutors have submitted a forfeiture application, the court has accepted it, and the public-notice procedure has begun. This does not mean that the assets have been finally ordered forfeited. Victims and interested parties may participate in the proceedings during the public-notice period; those who do not participate may still apply for compensation. Further proceedings also remain in the UK regarding the determination of property rights in the Bitcoin concerned.

Why it matters to readers

The case involves more than 61,800 Bitcoin and multiple types of assets. The final ownership and disposition could affect victims' recovery of assets, but the source does not say how the Bitcoin will be disposed of or whether it will be sold.

Beginners should distinguish between “a court accepting a forfeiture application” and “assets having been finally forfeited or sold”; the current information only shows that legal proceedings have begun.

Risks and unknowns

It remains uncertain whether the court will support the forfeiture application.
The final ownership and disposition of the Bitcoin and other assets involved have not been specified.
The outcomes of the UK's further hearings and any possible appeal are unknown.
The source is a report relayed by an news channel and does not include the original court documents or judgment.

Tianjin court accepts forfeiture application involving over 61800 Bitcoin BTC in the Qian Zhimin case

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