UK Court Puts 61,000-Bitcoin Seizure Closer to Government Retention

London’s High Court ruled Oct. 12 that Chinese law will govern fraud victims’ claims to more than 61,000 Bitcoin (BTC), strengthening the UK government’s position in a major asset-recovery case. The decision addresses a preliminary legal issue involving Zhimin Qian, but does not determine who owns the Bitcoin, how it will be distributed or whether the government will ultimately keep it. Claimants must establish their proprietary rights under Chinese law before seeking declarations under the UK’s Proceeds of Crime Act. The holdings are valued at roughly $5 billion based on a Bitcoin price of about $83,200.