Qian Zhimin's 40 billion yuan illegal fundraising case update: Prosecutors apply to confiscate over 61,800 bitcoins and other assets, court has accepted

October 14, according to The Paper, the case of Qian Zhimin, involving over 40 billion yuan in illegal fundraising and more than 60,000 bitcoins, has seen new progress in domestic judicial proceedings. On October 13, the Tianjin Second Intermediate People's Court announced that it had accepted on September 28 the application by the Tianjin People's Procuratorate Second Branch to confiscate the illegal gains of criminal suspect Qian Zhimin.

According to the list of properties applied for confiscation published by the Tianjin Second Intermediate Court, in addition to bitcoins, the virtual currencies involved in the case also include 72,745.79502 Bitcoin Cash, 72,745.78555 Bitcoin Gold, 72,745.7845 Bitcoin SV, 3,605,989.9995 XRP, and 70,081,208.62553222 Dogecoin (already converted by UK judicial authorities and deposited into an interest-bearing account). In addition, the properties applied for confiscation also include US dollars, euros, pounds in cash, jewelry, as well as bank balances, investment portfolios, etc.

The Tianjin People's Procuratorate Second Branch believes that Qian Zhimin is suspected of fund-raising fraud, and after fleeing was put on the wanted list for a year but could not be brought to justice. There is evidence proving that more than 61,800 bitcoins and other properties seized in the UK are illegal gains and fruits thereof, and the illegal gains and the property into which they have been transformed or converted, as well as the fruits thereof, should be recovered. Apart from being returned to the damaged fundraising participants in accordance with the law, they should be confiscated.