China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme
Chinese prosecutors are seeking to confiscate more than 61,800 Bitcoin tied to a $5.7 billion fraud scheme, days after a U.K. court ruled Chinese law governs victims’ claims to the coins.
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Summary
- Chinese prosecutors are seeking to confiscate more than 61,800 BTC and other assets linked to an alleged $5.7 billion fraud that affected more than 102,000 investors.
- Prosecutors say Qian Zhimin’s company sold unlicensed wealth-management products, used investors’ money to repay earlier participants and buy assets, and left victims with nearly 20 billion yuan in losses.
- A British court ruled that Chinese law should govern victims’ claims to the Bitcoin seized in Britain, while a Chinese court has opened a six-month period for interested parties to join the confiscation case.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
