A British court has granted approximately 16,000 Chinese victims of an investment scam permission to appeal a ruling that could limit their access to roughly 61,000 seized BTC, worth around $5 billion.
The victims lost money in a fraudulent investment scheme operated by Qian Zhimin between 2014 and 2017. Justice Mark Turner had ruled that claims to the seized Bitcoin should be resolved under Chinese law, since the investments were made and the fraud occurred in China.
The distinction between the two legal systems is crucial for the victims. Under English law, they could claim ownership rights to the Bitcoin itself, including its appreciation in value. Chinese law, however, could limit compensation to their original investments plus applicable interest.
Billions of dollars are at stake in the dispute, with the funds potentially going to the victims or the UK Treasury. The original ruling does not determine who owns the cryptocurrency, but it requires claimants to establish their rights under Chinese law.
Separately, a court in Tianjin accepted a confiscation application filed by Chinese prosecutors covering 61,896 BTC, along with other cryptocurrencies and assets linked to the fraud. Chinese authorities estimate that the scheme caused losses of approximately 19.977 billion yuan among more than 102,000 victims.
The Chinese court opened a six-month period for victims to join the proceedings. Both legal cases are proceeding separately and concern the fate of the same assets.
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