China Targets 61,896 Bitcoin Still Held by British Authorities: Report

Chinese prosecutors are seeking to confiscate 61,896 bitcoin worth approximately $5.1 billion, currently held by British authorities, after one of the world’s largest cryptocurrency seizures. The assets trace back to Qian Zhimin, convicted in Britain for handling criminal proceeds from a Chinese investment fraud. A recent U.K. court ruling has complicated the battle over who gets the money. A fortune of nearly 62,000 bitcoin, seized by British police from a convicted Chinese fraudster, is now at the center of an international fight over billions of dollars. Chinese prosecutors want the cryptocurrency returned through confiscation proceedings, while British courts are determining whether victims have enforceable ownership claims. The bitcoin (BTC), worth approximately $5.1 billion at recent prices, originated from an enormous investment scheme that defrauded more than 100,000 people.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.