Fraud Victims Hit Legal Wall in Britain’s $5B Bitcoin Battle

A British High Court ruling has dealt a significant setback to Chinese fraud victims seeking ownership of more than 61,000 bitcoin seized by London police. The cryptocurrency haul, now worth approximately $5 billion, originated from an enormous Ponzi scheme orchestrated by convicted fraudster Zhimin Qian. The Oct. 12 decision places Chinese law at the center of the ownership dispute, complicating victims’ efforts to reclaim the appreciated assets. More than 61,000 bitcoin seized from a convicted Chinese fraudster have become the centerpiece of a multibillion-dollar legal showdown, and thousands of victims just suffered a setback. On Oct.