A Chinese court has accepted a prosecution application to confiscate crypto assets linked to convicted money launderer Qian Zhimin, putting about $5 billion in Bitcoin ($BTC) at the centre of
A Chinese court has accepted a prosecution application to confiscate crypto assets linked to convicted money launderer Qian Zhimin, putting about $5 billion in Bitcoin ($BTC) at the centre of a cross-border legal contest. The list also includes millions of XRP ($XRP) and Dogecoin ($DOGE) tokens.
The Tianjin Second Intermediate People's Court announced on October 13 that it had accepted the application, filed on September 28 by the Second Branch of the Tianjin People's Procuratorate. The assets identified by prosecutors include 61,896.41552945 bitcoin, valued at about $5 billion based on recent prices.
The forfeiture list also names about 72,700 each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, roughly 3.606 million XRP and about 70.08 million Dogecoin. The application also covers cash in U.S. dollars, euros and British pounds, as well as jewelry, bank deposits and investment portfolios.
Prosecutors allege Qian raised about 40.38 billion yuan, nearly $6 billion, between April 2014 and August 2017 through fraudulent investment products. Reports put the number of investors at more than 102,000, with the money raised through Tianjin Lantian Gerui. She fled to the UK in 2017, where authorities seized her crypto assets, and a UK court sentenced her in November 2025 to 11 years and 8 months for money laundering.
The Chinese court has opened a six-month period during which Qian's relatives and other interested parties, including affected investors, can take part in the confiscation proceedings. Prosecutors say the assets constitute illegal gains and should be confiscated, except for amounts to be returned to affected investors.
The Chinese move comes as the fate of the coins is also being decided in London. Britain's High Court ruled on October 12 that Chinese law should apply to victims' claims seeking the return of the seized cryptocurrencies, but the ruling alone did not determine ownership.
The victims had sought English law because it could have allowed direct ownership claims to the Bitcoin, rather than compensation claims as creditors. Law firm Fieldfisher, which represents the claimants, said it is pursuing an appeal, according to the Financial Times. The Crown Prosecution Service said a further hearing will determine how the law applies and whether any victims can establish an interest in the Bitcoin.
For markets, the case is a reminder of how much seized crypto sits in government hands and how long legal disputes over its disposal can run. The final destination of the 61,896 BTC remains unresolved between Chinese prosecutors, UK authorities and the victims.
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