Updates on Qian Zhimin's 40-Billion-Yuan Illegal Fundraising Case: Prosecutors Apply to Confiscate Over 61,800 Bitcoin and Other Assets; Court Has Accepted Application

On October 14, according to The Paper, the Qian Zhimin case involving over 4 billion yuan in illegal fundraising and more than 60,000 bitcoins has seen a new development in China's judicial proceedings. On October 13, the Tianjin No. 2 Intermediate People's Court announced that it had accepted the application by the Second Branch of the Tianjin People's Procuratorate on September 28 to confiscate the illegal gains of suspect Qian Zhimin.

The property subject to the confiscation application includes 61,896.41552945 bitcoins, as well as 72,745.79502 Bitcoin Cash, 72,745.78555 Bitcoin Gold, 72,745.7845 Bitcoin Satoshi Vision, 3,605,989.9995 XRP, 70,081,208.62553222 Dogecoin (which have already been converted by UK judicial authorities and deposited into an interest-bearing account), along with cash, jewelry, and other financial assets.

The Second Branch of the Tianjin People's Procuratorate holds that Qian Zhimin is suspected of fundraising fraud. After absconding, he was placed on an arrest warrant for one year and remains unable to be brought to justice. Evidence demonstrates that his approximately 61,800 bitcoins and other assets seized in the UK constitute illegal proceeds and their yields. Accordingly, these illegal proceeds, along with any property transformed or converted therefrom and their yields, shall be pursued and confiscated. Excluding those that must be lawfully returned to the defrauded investors, the remainder shall be confiscated.