UK Could Sell $5 Billion in Seized Bitcoin After Court Ruling

A London High Court has ruled that Chinese law applies to claims by victims seeking the 61,000 Bitcoin seized from fraudster Zhimin Qian. The Bitcoin, mostly acquired between 2014 and 2017, is now worth about $5 billion. The ruling could limit victims’ claims to the original value of their losses, leaving more of the price gains with the UK government. However, the decision is preliminary, and victims are appealing. A further hearing is required before the claims are resolved. The UK has previously sold seized Bitcoin under the Proceeds of Crime Act.