qianzhimin

Chinese prosecutors have applied to confiscate 61,800 bitcoins linked to a fundraising fraud case involving 40.3 billion yuan. The most practical takeaway for ordinary people is this: the 102,000 investors harmed at the time now have a six-month window to file claims with the court and participate in compensation.

On October 13, the Tianjin No. 2 Intermediate People’s Court accepted prosecutors’ confiscation application. The assets at issue include not only 61,800 BTC, but also BCH, BSV, BTG, XRP, DOGE, as well as cash, jewelry, and investment interests. The case centers on Tianjin Lantian Gerui, controlled by Qian Zhimin. From 2014 to 2017, the company sold unlicensed wealth-management products nationwide, promising guaranteed principal and high returns. It raised a total of 40.378 billion yuan, involving more than 102,000 people and causing losses of nearly 20 billion yuan. Qian fled to the UK in 2017, where authorities later seized her assets, including more than 60,000 bitcoins.

There are two points that are easy to misunderstand. First, the UK High Court recently ruled that victims’ claims are governed by Chinese law, not British law. But that does not mean the coins will be returned directly to victims; further hearings are still to come, and some victims’ lawyers are preparing to appeal. Second, criminal confiscation and civil compensation are separate processes. Confiscated crypto assets will not be automatically returned, and victims need to file claims with the Tianjin No. 2 Intermediate People’s Court within six months. It may still be possible to make a claim after the deadline, but the earlier you participate, the better positioned you’ll be.

A reminder for ordinary people: If you or a family member bought Lantian Gerui products at the time, prepare your contracts, transfer records, and identity documents, and file through the channel specified in the court’s public notice. Don’t trust any intermediary charging a fee to “recover” your money.

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Made a fortune from Bitcoin, but might only get... the original investment back? 🥲
The UK High Court just pulled a jaw-dropping U-turn in the Qian Zhimin case. She allegedly ran an illegal fundraising scam in China, then fled to the UK with over 61,000 Bitcoin. When British police seized it (worth up to $5 billion), 16,000 Chinese victims rushed to file claims to get the assets back.
But the UK court ruled: Chinese law applies—not British law! Why? Because the original fraud took place in China, and the victims are Chinese. Under Chinese law, the victims may only get their original investment and basic interest back. As for the Bitcoin’s “ugly duckling to beautiful swan” transformation—the explosive price gains—it’s still unclear where that will end up… the UK court might even keep it! 💸
What can traders learn from this?
1. Crypto has no borders, but the law does.
2. Want to get your money back? Better start learning some international law!
⚠️ This is not financial advice.
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