China Prosecutors Seek Confiscation of $5.1B Bitcoin Seized in UK from Fugitive Qian Zhimin

Prosecutors in China have applied to confiscate 61,896 BTC seized in the UK from Zhimin Qian, and the Tianjin No. 2 Intermediate People's Court said it accepted the application on September 28, publishing a notice on October 13. The Bitcoin is worth about $5.1 billion at around $82,000. Prosecutors said Qian controlled Tianjin Lantian Gerui Electronic Technology and sold fake wealth management products across China without a license between April 2014 and August 2017, raising more than 40.38 billion yuan and leaving over 102,000 investors with losses totaling about 19.98 billion yuan. Qian fled China in July 2017 and reached the UK. The application also covers about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, roughly 3.6 million XRP, some 70 million Dogecoin, plus cash, jewelry and investment portfolios. Qian was jailed for 11 years and eight months in the UK in November 2025 after pleading guilty to acquiring and possessing criminal property; on October 12 the High Court ruled Chinese law should govern victims' claims, a decision Fieldfisher said it will appeal.