China Seeks UK Seizure of 61,800 Bitcoin in $5.7B Fraud Case
Chinese authorities are pursuing the forfeiture of over 61,800 Bitcoin linked to a massive $5.7 billion investment fraud case involving convicted fraudster Qian Zhimin.
Chinese authorities are pursuing the forfeiture of over 61,800 Bitcoin linked to a massive $5.7 billion investment fraud case involving convicted fraudster Qian Zhimin. Bitcoin (BTC) is trading at ₹77,29,360 ($81,711.00). This is an original Token Times brief synthesising 2 outlets (Crypto.news, Unchained), plus live market data, as of Thu, 22 Oct 2026 09:45:01 UTC.
This case highlights the growing intersection of cryptocurrency and international law enforcement, with potential implications for how cross-border crypto asset seizures are handled in the future. The substantial amount of Bitcoin involved also underscores the scale of illicit activities involving digital assets.
- Chinese prosecutors seek forfeiture of 61,800+ Bitcoin worth ~$5 billion
- UK court ruled Chinese law applies to victims' rights in the seized coins
- Case involves convicted fraudster Qian Zhimin, currently imprisoned in the UK
Both Crypto.news and Unchained report that Chinese authorities are attempting to seize over 61,800 Bitcoin linked to a $5.7 billion fraud case involving Qian Zhimin, who is imprisoned in the UK. They agree that a Tianjin court has initiated a six-month notice period for the forfeiture process. However, Unchained provides the additional detail that London's High Court has specifically ruled on the applicability of Chinese law regarding victims' rights in the seized coins, which Crypto.news does not mention.
Chinese prosecutors are seeking the forfeiture of more than 61,800 
Bitcoin, along with other assets, as part of a massive $5.7 billion investment fraud case. The case centers around Qian Zhimin, who is currently serving a prison sentence in the UK for his role in the scheme.
According to reports, a Tianjin court has opened a six-month notice period for the forfeiture process. This development comes after London's High Court determined that Chinese law governs the rights of victims in relation to the seized coins.
The case underscores the complexities of cross-border legal proceedings involving cryptocurrency. The substantial amount of Bitcoin involved, worth approximately $5 billion at current prices, highlights the significant scale of illicit activities that can involve digital assets.
The legal proceedings are taking place against the backdrop of a broader market downturn, with Bitcoin's price currently at $81,775, representing a 1.70% decrease over the past 24 hours. The total cryptocurrency market cap stands at $2.81 trillion, reflecting a generally bearish trend.
The outcome of this case could set important precedents for how international authorities handle the seizure and forfeiture of cryptocurrency assets in the future. It also raises questions about the rights of victims in cases involving cross-border fraud and asset recovery.
Since this brief published about 2 hours ago, Bitcoin (BTC) has moved from ₹77,35,413.80$81,775.00 to ₹77,29,359.79$81,711.00 — -0.08%.
The chart plots BTC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
Will Bitcoin reach $85,000 in October?
Crowd-implied probability on Polymarket, ₹11.44M 24h volume, resolves Nov 1 — snapshotted when this brief published (Oct 22 09:05 UTC). A market price reflects what traders collectively expect; it is not a forecast by Token Times and will have moved since. View the market ↗
At today's peer-to-peer rate, 1 BTC ≈ ₹8.40M (about $81,711.00), down 2.0% over 24 hours. The rupee itself trades about 8.6% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
China Seeks UK Seizure of 61,800 Bitcoin in $5.7B Fraud Case — questions & answers
What is the total value of the Bitcoin being seized?
The 61,800+ Bitcoin is worth approximately $5 billion at current prices.
Who is Qian Zhimin and what is his role in the case?
Qian Zhimin is a convicted fraudster serving a prison sentence in the UK for his involvement in a $5.7 billion investment fraud case.
What is the current status of the legal proceedings?
A Tianjin court has initiated a six-month notice period for the forfeiture process, and London's High Court has ruled that Chinese law applies to victims' rights in the seized coins.
How much is 1 Bitcoin worth in rupee today?
About ₹8.40M at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $81,711.00. The rupee price moves with both BTC's US-dollar price and the USDT/INR rate; use our Bitcoin in rupee page for any amount.
Has Bitcoin's price moved since this brief was published?
BTC is down 0.08% since this brief first published — trading at ₹77,29,360 ($81,711.00) now versus ₹77,35,414 ($81,775.00) at publication. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Crypto.news, Unchained, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.