The British state's chances of retaining a £3.8bn criminal bitcoin haul have strengthened following a High Court ruling in London. Judge Mr Justice Mark Turner determined that Chinese law, not English law, should govern claims over 61,000 bitcoin seized from Chinese national Zhimin Qian. The crypto, currently valued at approximately £62,384 per coin, was part of an investigation into massive fraud against thousands of Chinese victims between 2014 and 2017.
The ruling represents an initial but crucial battle in determining whether England's or China's legal rules apply to the multibillion-pound windfall. While the judge noted the preliminary decision does not decide ultimate ownership, it narrows the path for victims to claim the assets. Turner ruled that because the relevant damage, fraudulent representations, and economic consequences occurred in China, Chinese law should apply.
The High Court in London will now hear expert evidence on Chinese law to determine the case's outcome. One victim expressed frustration, stating, "It's infuriating: they've made a fortune with this money, yet they only offer us meagre interest." Prosecutors indicated victims could be compensated via a redress scheme from China, and the Crown Prosecution Service confirmed a further hearing will determine if any victims can establish an interest in the bitcoin. Law firm Fieldfisher, representing claimants, said it is pursuing an appeal against the ruling.
Source: Financial Times Markets · Summarized by HeadlinesBriefing