Chinese Prosecutors Move to Confiscate 61,800 BTC Linked to $5.7 Billion Fraud Scheme

Chinese prosecutors have moved to seize more than 61,800 Bitcoin connected to a massive fraud case valued at over 40 billion yuan (approximately $5.7 billion), according to a report by Chinese media outlet The Paper.

The case centers on Qian Zhimin, the alleged controller of Tianjin Lantian Gree Electronic Technology. Prosecutors allege that between 2014 and 2017, the company marketed unlicensed wealth-management products across China, guaranteeing principal protection and high returns. The scheme amassed over 40.378 billion yuan from more than 102,000 investors, who ultimately lost nearly 20 billion yuan.

Authorities claim the proceeds were not invested in legitimate business ventures but were instead used to repay early participants, fund fictitious projects, purchase Bitcoin, and acquire luxury assets such as real estate, vehicles, and jewelry.

Qian fled China in 2017 and subsequently settled in the United Kingdom. British authorities later seized his assets, which included the 61,800 Bitcoin along with Bitcoin Cash, Bitcoin Gold, Bitcoin SV, Ripple, Dogecoin, cash, jewelry, and various investment holdings.

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