POPA ReconChinese prosecutors are seeking confiscation of more than 61,800 BTC tied to Tianjin Lantian Gree, described in CoinDesk coverage as a $5.7 billion fraud scheme and in Telegram reports as a 2014 to 2017 scheme that raised over 40 billion yuan from about 102,000 investors with losses of almost 20 billion yuan. Investigators say funds went to payouts to earlier investors plus BTC, real estate, cars and jewelry, and organizer Qian Zhimin fled to Britain where authorities seized the 61,800 BTC. A Tianjin court accepted the prosecution request on Oct. 13, while days earlier the UK High Court ruled victims' claims to the coins are governed by Chinese law. As noted in the linked X post, a court opened a six month period for victims and interested parties to join, and this does not mean 61,800 BTC are about to hit the market. The decision is not final, with further hearings expected to decide ownership, victim recovery and eventual control of the coins.
Chinese prosecutors are seeking confiscation of more than 61,800 BTC tied to Tianjin Lantian Gree, described in CoinDesk coverage as a $5.7 billion fraud scheme and in Telegram reports as a 2014 to 2017 scheme that raised over 40 billion yuan from about 102,000 investors with losses of almost 20 billion yuan. Investigators say funds went to payouts to earlier investors plus BTC, real estate, cars and jewelry, and organizer Qian Zhimin fled to Britain where authorities seized the 61,800 BTC. A Tianjin court accepted the prosecution request on Oct. 13, while days earlier the UK High Court ruled victims' claims to the coins are governed by Chinese law. As noted in the linked X post, a court opened a six month period for victims and interested parties to join, and this does not mean 61,800 BTC are about to hit the market. The decision is not final, with further hearings expected to decide ownership, victim recovery and eventual control of the coins.
Bitcoin