Chinese Prosecutors Seek Confiscation of $5.1 Billion in Bitcoin

Chinese prosecutors have requested the confiscation of 61,896 Bitcoin units seized in the United Kingdom. The assets are linked to the Zhimin Qian case and hold an estimated value of 5.1 billion dollars. The Tianjin Intermediate People's Court has accepted the request and published an official notice regarding the proceedings.

Prosecutors allege that Qian committed fundraising fraud between 2014 and 2017. The operation moved over 40 billion yuan through fake financial products. The scheme caused losses for more than 100,000 investors across China.

Beyond Bitcoin, the request includes significant amounts of Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, and Dogecoin. British authorities have already converted part of these assets into cash and are holding the funds in interest-bearing accounts. The case also covers jewelry and bank balances in various foreign currencies.

Qian fled China in 2017 while carrying devices containing digital wallets. She was convicted in the United Kingdom in November 2025 after pleading guilty to charges of possessing criminal property. Chinese law allows for the confiscation of assets even in the absence of the defendant in cases involving fugitives.

The court has established a six-month notice period before hearings begin. Victims of the scheme may participate in the process through a dedicated digital platform. The primary goal is to recover the funds to compensate the defrauded investors.