POPA ReconChinese prosecutors in Tianjin are seeking confiscation of 61,896 BTC tied to Zhimin Qian, the coins held by UK police since 2018 and valued at $5 billion+ in Coin Bureau's update.
The application provides for lawful investor restitution, according to The Defiant, which first reported that the UK-held coins remain under English court control.
London's High Court ruled Chinese law, not English law, governs victims' ownership claims, per Coin Bureau and CoinMarketCap. That means victims must prove ownership under Chinese law to recover.
No transfer, sale, or handover has been reported. If victim claims fail, much of the haul could be retained by the UK government; if China's confiscation succeeds, control could shift to China. Talk of a "dump next" is speculation, not an announced sale.