Qian Zhimin Case Chinese Victims Object to Compensation Plan for 61,000 Confiscated Bitcoins

BlockBeats News, March 12th. According to the Financial Times, Chinese victims of the Qian Zhimin case are objecting to a compensation plan proposed by the UK. The plan aims to compensate victims through China's compensation mechanism, but the victims believe this may result in the UK authorities holding most of the appreciation gains from about 61,000 Bitcoins (BTC) seized by the London police during a money laundering investigation.

According to court documents, this dispute has been brought to the High Court in the UK, where the victims' group is seeking to recover the confiscated crypto assets. Since the assets were seized, the price of Bitcoin has risen significantly, and the current value of this batch of Bitcoin is approximately £3.2 billion (about $4.3 billion).

The law firm Candey, representing about 5,700 victims, stated that the proposed compensation arrangement may not guarantee fair compensation. According to court documents, this fraud case itself affected over 128,000 Chinese investors. This case highlights the legal issues that arise after the seizure of crypto assets: digital assets can appreciate significantly between seizure and compensation. The dispute stems from an investment fraud case in China between 2014 and 2017, where investors were defrauded, and the proceeds were converted into Bitcoin and transferred overseas.