UK Court Chooses Chinese Law in $5 Billion Bitcoin Case

In a case regarding the ownership of approximately 61,000 Bitcoins seized in the UK, the London High Court has decided that the claims of Chinese fraud victims will be assessed under Chinese law. Judge Mark Turner rejected the victims' requests for the application of English law or a combination of both laws. Noting that the fraud occurred in China and that the victims invested their money there, Turner ruled that Chinese law should apply to the dispute. The victims argued that under English law, they would only be able to claim compensation for the amount they invested. However, the court did not determine the final ownership of the Bitcoins. The case is based on a large-scale investment fraud carried out by Zhimin Qian between 2014 and 2017, affecting over 128,000 investors. UK authorities seized approximately 61,000 BTC as part of a money laundering investigation, with the value of these assets exceeding $5 billion. The law firm Fieldfisher, representing the claimants, plans to appeal the court's decision. The case will continue in the London High Court, where the next phase will evaluate the victims' ownership rights over the seized Bitcoins.

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