China seeks to confiscate $5 billion in Bitcoin tied to record crypto fraud case

Chinese authorities are moving to seize around $5 billion worth of Bitcoin , together with significant holdings in XRP and Dogecoin , in a case tied to one of the largest ever cryptocurrency frauds. The Tianjin No. 2 Intermediate People’s Court recently accepted a confiscation request connected to Qian Zhimin, a convicted money launderer accused of orchestrating a massive investment fraud using Tianjin Lantian Gerui Electronic Technology. The court confirmed it formally accepted the application on September 28.