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Qian Zhimin

  1. Chinese prosecutors seek to seize over 61,800 bitcoin tied to Qian Zhimin's 40-billion-yuan illegal fundraising case

    CoinDesk, citing The Paper, reported that Chinese prosecutors applied to confiscate more than 61,800 bitcoin and other assets linked to a fundraising fraud of over 40 billion yuan (about $5.7 billion). Prosecutors said Qian Zhimin, the actual controller of Tianjin Lantian Gerui Electronic Technology, sold unlicensed wealth products nationwide from 2014 to 2017 promising guaranteed high returns, raising more than 40.378 billion yuan from over 102,000 investors, who lost nearly 20 billion yuan. A UK court recently ruled that victims' claims to bitcoin seized in Britain should be governed by Chinese law; a Chinese court has opened a six-month notice period for interested parties.

    Oct 23, 2026 Morning