Bitcoin
Chinese Prosecutors Seek Confiscation of 61,896 BTC Seized in UK From Massive Fraud: Report
Oct 23, 2026, 09:15 UTC
Bitcoin
Oct 23, 2026, 09:15 UTC
Oct 23, 2026, 09:15 UTC1 min read
Chinese prosecutors are seeking to confiscate over 61,000 Bitcoin and related assets seized by UK authorities from a massive international fraud scheme.
The Tianjin No.2 Intermediate People’s Court accepted the application by the Tianjin Municipal People’s Procuratorate No.2 Branch on Sept. 28 to confiscate illegal proceeds including 61,896.41552945 BTC plus other virtual currencies, cash, jewelry, and financial assets.
The assets stem from a 2014-2017 Ponzi-style fraud run by the controller of a Tianjin company that raised over RMB 403.78 billion through false investment schemes, causing over RMB 199.77 billion in losses to more than 102,000 victims.
The perpetrator fled to the UK in 2017, where authorities seized the Bitcoin and related holdings valued at several billion pounds.
Prosecutors are applying to confiscate the property as illegal proceeds and fruits of the crime.
In the UK proceedings, the High Court ruled that Chinese law governs the existence and content of proprietary rights asserted by victims under POCA s.281.
A victim cannot necessarily recover cryptocurrency simply by proving that Bitcoin was bought with money taken from them.
Turner J held that Chinese law governs the existence and content of the proprietary rights asserted by the applicants.
No evidence on the content of Chinese law has yet been submitted, leaving the ownership battle ongoing.
The announcement period for interested parties runs six months from the 13th of October.
