Bitcoin News
By James Thorp
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Civil Proceedings Set for January. The Crown Prosecution Service has initiated civil recovery proceedings at the UK’s High Court.
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The Scale of the Fraud. Between 2014 and 2017, Qian allegedly orchestrated one of China’s largest-ever investment frauds…
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Legal Experts Divided Over Victims’ Rights. Legal specialists believe the victims are entitled to compensation under the Proceeds of Crime Act…
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Government’s Position Under Scrutiny. Critics argue that the UK government may benefit at victims’ expense.
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Should the UK Hold or Sell the Bitcoin?. Even if the UK government secures rights to most of the Bitcoin, the question of whether to sell…
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A Case With Global Implications. The UK Bitcoin seizure is more than a domestic legal battle—it’s a precedent-setting case for how…
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Victims Demand Justice. For the victims, many of whom are elderly or financially devastated, the case is about more than…
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The United Kingdom is at the center of a global legal showdown after authorities moved to keep control of Bitcoin worth nearly $7 billion.
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Qian, accused of running a vast investment fraud scheme between 2014 and 2017, pleaded guilty this week at Southwark Crown Court to possessing and transferring criminal property.
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Now, the real fight begins—not just over guilt, but over who owns the massive Bitcoin fortune: the UK government or the nearly 120,000 Chinese victims of the fraud.
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Under English law, victims of financial crime have the right to seek compensation if they can establish a link to the seized property.
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Between 2014 and 2017, Qian allegedly orchestrated one of China’s largest-ever investment frauds through her company, Tianjin Lantian Gerui Electronic Technology.
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The 61,000 BTC seized by UK authorities in 2018 has since ballooned in value, soaring from hundreds of millions to more than $7 billion today.
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“Ordinary equitable tracing principles apply, and victims can establish proprietary claims through different legal routes,” Fairbrother explained.
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However, even if victims win the right to compensation, they may not benefit from Bitcoin’s massive price increase.
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