Tianjin Court Accepts Bid to Confiscate Fraud-Linked Bitcoin

A court in Tianjin has accepted a prosecutors’ application to confiscate Bitcoin and other assets linked to an alleged investment fraud involving more than 102,000 investors, opening a six-month period for victims and other interested parties to participate. The application concerns more than 61,800 Bitcoin seized in Britain, but does not decide who is entitled to the cryptocurrency or how assets will ultimately be distributed. The Tianjin Second Intermediate People’s Court accepted the case on September 28 and announced its decision on October 13, according to accounts of the court’s proceedings. The assets sought include 61,896 Bitcoin, as well as other cryptocurrencies, cash, jewelry, financial investments and property. The court’s notice says people who do not join the current proceedings may still seek compensation from recovered assets. Chinese prosecutors allege that Qian Zhimin controlled an investment operation that raised 40.378 billion yuan from more than 102,000 investors between 2014 and 2017 through unlicensed wealth-management products. The court’s account says investors suffered losses exceeding 19.9 billion yuan. Prosecutors say funds were used in part to...