According to Coindesk, China, known for its bans on Bitcoin and cryptocurrencies, is targeting the confiscation of 61,896 Bitcoins worth billions of dollars, linked to a fundraising scam that cost investors approximately 20 billion yuan.
A court in Tianjin has granted a request to seize Bitcoin and other assets linked to Qian Zhimin.
Six-Month Application Process in China!
The Tianjin Court announced that it has accepted the prosecutor’s confiscation request, and the confiscation order covers Bitcoins as well as other cryptocurrencies, cash, jewelry, and financial assets.
The court has opened a six-month application period for victims and other interested parties to join the case. Victims who do not participate in the process also have the option of claiming compensation from the recovered assets.
As you may recall, the UK High Court recently ruled that claims involving more than 61,000 Bitcoins should be evaluated according to Chinese law.
XRP, Dogecoin, and Other Assets Also Subject to Confiscation!
The confiscation request includes more than just Bitcoin. Other assets listed by the court reportedly include XRP.
“Approximately 72,745 Bitcoin Cash
Approximately 72,745 Bitcoin Gold
Approximately 72,745 Bitcoin SV
More than 3.6 million XRP
More than 70 million Dogecoin”
The file reportedly includes cash in various currencies, jewelry, bank accounts, and various financial investments. British authorities have seized assets linked to the investigation, and it is reported that some crypto assets have been converted into other forms of assets. Chinese prosecutors are also seeking the recovery of these assets and, where appropriate, the return of money owed to victims.
*This is not investment advice.
Continue Reading: China’s Decision Affects Bitcoin, XRP, and Three Altcoins! Legal Battle Continues for Billions of Dollars Worth of Assets!