UK Court Allows Chinese Fraud Victims to Appeal Ruling Governing 61,000 Seized Bitcoin

The UK High Court has granted roughly 16,000 Chinese fraud victims permission to appeal a ruling determining that Chinese law governs claims over 61,000 seized Bitcoin valued at about $5 billion. The dispute stems from Qian Zhimin's 2014–2017 Ponzi scheme, which generated 19.977 billion yuan in losses before illicit proceeds were converted into cryptocurrency. While Justice Mark Turner previously ruled on October 12 that Chinese law applies, potentially limiting recovery to original investments and leaving billions in capital gains to the UK Treasury, the appeal allows victims to pursue English law to claim the appreciated assets directly.