London Court Rules Chinese Law Governs Claims to Qian's 61,000 Bitcoin
By Coinvote
The High Court in London ruled on Monday that Chinese law, not English law, governs fraud victims' claims to 61,000 seized Bitcoin. The decision improves the UK government's prospects of keeping the coins, though it does not decide who ultimately owns them.
What the High Court decided on Monday
Justice Mark Turner found that Chinese law, not English law, determines whether victims of Zhimin Qian's fraud can claim ownership of 61,000 seized Bitcoin. In doing so he accepted the position of the Director of Public Prosecutions, who leads the Crown Prosecution Service (CPS) and brought the case, Decrypt reported.
Cointelegraph reported that the judge rejected both English law and a blend of English and Chinese law. According to Decrypt, the judge arrived at the same conclusion whichever legal route he applied, because the scheme, the money investors handed over and the agreements they signed were all centred in China. "The relevant damage occurred in China," Turner wrote. The decision does not settle who ends up with the coins.
Why the applicable law decides who can claim the coins
In cross-border property disputes, a court first decides which country's rules determine who owns an asset. The Financial Times, as relayed by Decrypt, described English law as considerably friendlier to the claimants, since it could have supported an argument that the coins were theirs. Cointelegraph put the contrast as claiming direct ownership versus merely seeking compensation as creditors.
The Proceeds of Crime Act adds a further hurdle. Thousands of victims have applied under it, and Justice Turner wrote that each applicant needs a proprietary interest in the coins, because the Act creates no wider compensation scheme for crime victims. Because the Bitcoin was bought in China, Decrypt added, tracing the coins into England cannot bring back any property rights the victims had already lost under Chinese law once they were bought.
The figures: coins, contracts and money paid in
Qian, who pleaded guilty to fraud and money laundering offences linked to a Ponzi scheme that ran from 2014 to 2017, received a jail term of more than 11 years last year, Decrypt reported. CoinDesk added that she changed the proceeds into bitcoin before escaping to the UK in 2017, and that the Metropolitan Police seized the coins.
- The seized haul totals 61,000 BTC, which Decrypt puts at about $5 billion.
- Decrypt's account of the ruling counts at least 128,409 investment contracts.
- It puts victims' payments at about RMB 40.2 billion (roughly £4.1 billion), of which about RMB 34.1 billion went back to some victims.
- Law firm Candey represented about 5,700 victims in March, Cointelegraph reported.
Where the three outlets agree and where they differ
All three outlets report the Monday ruling, the finding that Chinese law applies, an appeal by the claimants' lawyers, which each sources to the Financial Times, and the CPS statement that a further hearing will test any victim's interest. Decrypt and CoinDesk lead with the government's improved chances of keeping the coins, while Cointelegraph leads with the claimants' setback.
The counts differ. Decrypt cites at least 128,409 investment contracts, CoinDesk over 128,000 investors, and Cointelegraph, citing its earlier coverage, more than 128,000 investors. A contract count and an investor count are not necessarily the same measure, and none of the outlets explains how they relate. Valuations are worded differently as well: about $5 billion in Decrypt, 3.8 billion pounds ($5 billion) in CoinDesk, and more than $5 billion in Cointelegraph.
What the ruling means for the Treasury and for victims
CoinDesk wrote that the decision narrows the victims' route to recovering the coins and improves the chance that the UK Treasury eventually retains them. According to Decrypt, the Financial Times reported last year that unnamed Treasury officials had privately asked whether the bitcoin could help fill a shortfall in public finances. CoinDesk set the case against the United States, which it says established a strategic bitcoin reserve in March 2025 that includes seized coins.
Because the dispute is over coins rather than cash, the dollar value moves with bitcoin's price. CoinGecko puts bitcoin at $83,110, below its all-time high of $126,080 from 2025-10-06, and Decrypt cites about $5 billion for the haul now against around $7 billion at the time of trial.
Open questions as the case moves to its next stage
Fieldfisher is pursuing an appeal, according to the Financial Times as relayed by Decrypt and Cointelegraph, and none of the reports says when it will be heard. The next stage stays in the London court, Cointelegraph noted, and will involve expert evidence on Chinese law. The CPS says that hearing will settle whether any victim can establish an interest.
Two open questions remain. The first is what happens to coins that no victim manages to claim: CoinDesk says the ruling improves the Treasury's prospects of retaining the bitcoin but does not finally decide who keeps it. The second is the role of a Chinese-run redress scheme that prosecutors have said could compensate victims and that claimants challenged in March, according to Decrypt and Cointelegraph. None of the outlets reports a plan to sell the coins, so the further hearing and any appeal filing are the events to follow.
Market snapshot
| Asset | Price | 24h | 7d | Market cap |
|---|---|---|---|---|
| Bitcoin (BTC) | $83,110 | -0.3% | -3.2% | $1.67 trillion |
CoinGecko data as of 2026-10-13 (UTC).
FAQ
Who owns the 61,000 Bitcoin seized from Zhimin Qian?
That has not been decided. The High Court ruled that Chinese law governs the victims' claims, and the CPS says a further hearing will examine how that law applies and whether any victim can establish an interest, according to Decrypt and Cointelegraph.
Why did the court apply Chinese law instead of English law?
Justice Mark Turner found that the scheme, the money investors paid in and the agreements they made were all centred in China. Decrypt reported that he reached the same conclusion under each legal route he considered.
Will the UK government keep the seized bitcoin?
That is not yet settled. CoinDesk wrote that the ruling improves the government's chances of keeping the coins but does not finally decide who keeps them. Fieldfisher is pursuing an appeal, according to the Financial Times.
Sources
- Decrypt: UK Moves Closer to Keeping $5B Bitcoin Haul After High Court Ruling (2026-10-13)
- CoinDesk: UK court ruling boosts government’s chances of keeping $5 billion in seized bitcoin (2026-10-13)
- Cointelegraph: Chinese fraud victims lose key court battle over 61,000 Bitcoin (2026-10-13)
- CoinGecko (market data)
Written by the Coinvote news desk from reporting by Decrypt, CoinDesk and Cointelegraph. Not financial advice.
