China Seeks To Confiscate Nearly 62,000 Bitcoin Tied To Fraud Case

A Tianjin court accepted prosecutors’ application to confiscate nearly 62,000 Bitcoin (BTC) tied to alleged fraud, putting holdings valued at about $5 billion into China’s asset recovery process. On Sept. 28, the Second Intermediate People’s Court of Tianjin accepted the application to confiscate Qian Zhimin’s illicit assets. British authorities seized roughly 61,900 BTC, along with cash, jewelry and other cryptocurrencies, after Qian fled to the United Kingdom in July 2017 with computers holding the wallets.