China Opens Its Own Case to Confiscate 61,896 Bitcoin Held by UK Authorities

A Tianjin court opened a six-month notice period in prosecutors’ bid to forfeit Qian Zhimin’s bitcoin, a day after London’s High Court held that Chinese law applies to whether victims have rights in the coins. A court in the northern Chinese city of Tianjin has opened a domestic proceeding to confiscate 61,896 bitcoin that British authorities seized from convicted fraudster Qian Zhimin , setting up a second legal track for coins worth about $5.1 billion at a bitcoin price of roughly $82,200, according to CoinGecko data . The Tianjin No. 2 Intermediate People’s Court reportedly published a notice on Oct.