China Moves to Confiscate $5 Billion in Bitcoin From Fraudster Who Fled to UK: Report

Chinese authorities are working to seize nearly 62,000 bitcoins — worth around $5 billion at today’s prices — linked to one of the country’s largest-ever fraud cases. Prosecutors allege that Qian Zhimin, the alleged controller of Tianjin Lantian Gerui Electronic Technology, recruited associates to sell fake wealth management products nationwide from 2014 to 2017 without financial regulatory approval, promising guaranteed returns to investors, according to a report last week from Shanghai’s The Paper. The scheme raised some RMB 40.3 billion ($2.8 billion).