A court in Tianjin has taken up prosecutors’ request to confiscate more than 61,800 Bitcoin and other assets allegedly connected to a 40.38 billion yuan, or about $5.7 billion, investment fraud linked to Qian Zhimin. The case concerns funds raised between 2014 and 2017 and, according to the court’s account, losses suffered by more than 102,000 investors.
The confiscation effort is unfolding in parallel with proceedings in the United Kingdom, where large cryptocurrency holdings were seized and where courts are still considering who, if anyone, can establish ownership rights over the assets. Qian is already serving a prison sentence in Britain after pleading guilty to money laundering offenses.
Tianjin court accepts confiscation case
According to Chinese financial outlet Yicai, the Tianjin No. 2 Intermediate People’s Court announced on Oct. 13 that it had accepted an application from prosecutors to recover assets said to have been obtained through an illegal fundraising scheme. The court formally accepted the matter on Sept. 28.
The court has opened a six-month window for affected investors and other interested parties to take part in the confiscation proceedings. At the same time, the court said investors who do not participate now will still remain eligible to receive compensation from recovered assets under the applicable process.
Prosecutors are seeking not only cryptocurrency but also cash, jewelry, financial investments and other property that they say was purchased with proceeds from the scheme, along with any income generated from those assets, subject to sums already returned to investors.
Assets traced to alleged fundraising operation
The confiscation request centers on Tianjin Lantian Gerui Electronic Technology, a company controlled by Qian. Prosecutors allege that from April 2014 to August 2017 the firm sold unlicensed wealth management products in several Chinese cities, promising guaranteed repayment of principal and unusually high returns.
The court’s account says the operation raised 40.378 billion yuan. More than 102,000 investors allegedly suffered combined losses above 19.9 billion yuan. Prosecutors contend that a substantial share of the money was used to repay earlier investors, support fictitious investment projects, and buy cryptocurrency, real estate, vehicles and luxury goods rather than being used for the business activities presented to customers.
Among the assets identified for confiscation are more than 61,800 BTC, over 72,700 Bitcoin Cash, and more than 3.6 million XRP, as well as Bitcoin Gold, Bitcoin SV, Dogecoin and other holdings.
How the case moved to the UK
Chinese authorities say Qian left China in July 2017 as the investment operation came under investigation, taking with her a computer that contained access to cryptocurrency wallets. She later entered Britain using a St. Kitts and Nevis passport under the name Yadi Zhang.
Investigators in the UK said she then worked with associates to convert cryptocurrency into cash, property and other assets. British authorities began tracing the suspected criminal proceeds in 2018 after receiving intelligence, and searches of a London property and a safe deposit box later that year recovered devices and private keys tied to substantial Bitcoin holdings.
Qian was arrested in April 2024 after an investigation involving British and Chinese law enforcement. Her associate Jian Wen was sentenced in 2024 to six years and eight months for laundering cryptocurrency linked to the fraud. Qian pleaded guilty in September 2025 to money laundering offenses and was sentenced on Nov. 11 to 11 years and eight months at Southwark Crown Court.
Ownership fight over seized Bitcoin continues
Separate from the Chinese confiscation case, British courts are still considering who is legally entitled to the seized cryptocurrency. In an Oct. 12 ruling, High Court Justice Mark Turner said Chinese law should govern the underlying ownership claims being advanced by victims seeking a share of the Bitcoin.
The judgment did not decide whether individual investors actually have enforceable rights to the seized BTC, or whether any recovery should include gains resulting from the cryptocurrency’s later price appreciation. It addressed the question of which legal system applies, with the court finding that the original investments, the alleged wrongdoing and the Bitcoin purchases were centered in China.
Roughly 16,000 victims have reportedly joined the UK recovery proceedings. Lawyers for some claimants are pursuing an appeal, and further hearings are expected on how Chinese law applies and what evidence investors must present. British prosecutors are separately pursuing civil recovery of the assets under the Proceeds of Crime Act, leaving the final distribution of the seized cryptocurrency unresolved for now.
Source: crypto.news