Chinese fraud victims lose key court battle over 61,000 Bitcoin
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A UK judge ruled on Monday that Chinese law will govern claims to more than 61,000 Bitcoin seized from Zhimin Qian. The ruling means the claimants must show a proprietary interest under the Proceeds of Crime Act, while a simple claim as a creditor for money paid in is not enough.
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What it means
For Chinese fraud victims, the ruling is the development that matters tomorrow morning because it changes the legal route they have to use in the UK process over the seized Bitcoin. The claim now turns on Chinese law and on whether a proprietary interest can be shown, rather than on a straightforward creditor-style claim for money paid in.
In practice, the decision narrows what can be argued in the case for now, because a creditor’s claim alone is not enough under the approach set out by the court. What remains the same is that the dispute is still about the same more than 61,000 Bitcoin seized from Zhimin Qian.
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