British Court Decides the Fate of 61,000 BTC in China Case

The High Court of London ruled that claims to 61,000 BTC in the Chinese crypto fraud case must be considered under Chinese law. The decision concerns assets worth about $5 billion. It is important for investors waiting for their money back.

The ruling was issued by Judge Mark Turner on October 12, 2026. It concerns the bitcoins seized by British police as part of the investigation into Qian Zhimin. She was convicted of laundering money obtained through an investment scheme.

The amount is huge. At the current price of $83,338 per BTC, this package is worth about $5.08 billion. Court materials also mention a broader estimate of 61,245 BTC, or about $5.10 billion.

Why did the court choose Chinese law?

Because, according to the court, the key events took place in China. That is where people were misled. That is where the contracts were signed. That is where the money was transferred. And that is where the losses arose.

The court explicitly noted: the right to claim back investments is not the same as ownership of a specific asset. This is an important distinction. Victims must prove the legal entitlement to the BTC itself, not just the fact that they lost money.

For this case, that is no small matter. In 2014-2017, the scheme involved at least 128,409 investment contracts. The total amount raised reached about 40.2 billion yuan. Some of the money was returned to investors, but more than 300 million yuan went to the scheme’s operating expenses.

What is known about Qian Zhimin’s scheme?

The scheme operated through Tianjin Lantian Gerui Electronic Technology. People were promised high returns. Money was taken not only for crypto, but also for insurance products, air purification equipment, and elderly care.

Later, part of the funds was converted into bitcoins through Huobi, over-the-counter deals, and mining. According to the case materials, more than 100,000 BTC were bought through a Huobi account opened in June 2014 by June 7, 2017. Qian then fled from China to the United Kingdom.

The court stressed that the deception of investors, the transfer of money, and the losses were all tied to China. Therefore, Chinese law must determine whether the claimants have property rights to these bitcoins.

This decision does not end the case. It only sets the rules for the next stage. And that is where things get most interesting for the market and for lawyers.

Market reaction

Britain already controls one of the largest state BTC holdings in the world. According to Bitcoin Treasuries, as cited by The Block, it holds 61,245 BTC. That is third among governments, behind the US with 328,372 BTC and China with 190,000 BTC.

For crypto holders, the takeaway is simple. When assets come under state control, everything then depends not only on the criminal case, but also on which law the court applies. That is why such proceedings drag on for years.

In this case, the British prosecution insisted on Chinese law from the very beginning. The investors’ representatives, on the other hand, want to challenge the ruling. Their firm Fieldfisher has already said it intends to appeal.

• 61,000 BTC, or about $5.08 billion.

• 61,245 BTC in the broader estimate of Britain’s state reserves.

• 128,409 investment contracts in the scheme.

• 40.2 billion yuan in funds raised.

• 16,000 Chinese investors joined the proceedings.

• 11 years and 8 months, the prison sentence for Qian.

What does this mean for investors?

First of all, not all victims automatically become owners of the seized cryptocurrency. That sounds harsh, but that is how the law works. If ownership of a specific BTC is not proven in court, compensation may be limited to the original investments and, possibly, interest.

For Ukrainian readers, there is another practical lesson here. When you enter crypto through dubious schemes or promises of quick profit, it becomes very difficult to prove your rights later. Especially if the money passed through several countries and different payment channels. If you need a clear exit into fiat, it is better to know in advance how to sell Bitcoin to Monobank.

There is also a broader consequence. If the British court leaves most of the BTC under state control, that will strengthen the state’s position in similar cases. If the appeal changes the approach, victims may be able to claim more than just the return of their initial sums.

It is also worth noting the scale of the case itself. According to the CPS, the direct losses of victims were estimated at about £600 million, while the value of the seized assets as of November 11, 2025 was about £4.8 billion. The gap between these figures explains why the fight over the BTC is so intense.

Frequently asked questions

Why did the London court apply Chinese law to 61,000 BTC?

Because the key actions took place in China: the raising of funds, the signing of agreements, and the fraud itself. The court decided that these circumstances matter more than where the confiscated bitcoins are now held. This means property rights will be assessed under Chinese rules.

Does this mean investors will not get their money back?

No, but the path has become more complicated. They must prove ownership of specific assets, not just the fact of losses. If that is not done, compensation may be limited to the original investments and interest.

Why is this case important for the BTC market?

Because it involves one of the largest state bitcoin holdings in the world. The decision shows how states may handle seized crypto worth about $5 billion. For large investors, it is a signal that the legal side is no less important than the BTC price itself.

While appeals continue, the final fate of 61,000 BTC has not been determined. Those who want to quickly convert coins into hryvnia can sell Bitcoin to PrivatBank without unnecessary delays.

This material is not financial advice. Cryptocurrency trading involves significant risks. Part of this text was prepared with the help of artificial intelligence based on public sources and reviewed by our editorial team.