Chinese authorities are seeking to confiscate approximately $5 billion worth of Bitcoin (BTC), alongside millions of XRP and Dogecoin (DOGE) tokens, in connection with one of the largest cryptocurrency fraud cases in history.
According to an October 14 report by Chinese media outlet The Paper, the Tianjin No. 2 Intermediate People's Court has accepted a confiscation application involving crypto assets seized from convicted money launderer Qian Zhimin.
The court announced on October 13 that it had formally accepted the application on September 28. Chinese prosecutors are seeking to recover 61,896.41552945 BTC, worth roughly $5 billion at recent market prices, alongside several other cryptocurrencies.
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The application also covers cash denominated in U.S. dollars, euros and British pounds, as well as jewelry, bank deposits and investment portfolios.
Notably, the DOGE holdings have reportedly already been converted into cash by British judicial authorities and deposited into an interest-bearing account.
Massive $6 billion crypto fraud
The confiscation proceedings stem from a massive investment fraud scheme allegedly orchestrated by Qian through Tianjin Lantian Gerui Electronic Technology.
Between April 2014 and August 2017, the company illegally raised approximately 40.38 billion yuan (roughly $6 billion) by selling fraudulent investment products that promised substantial returns.
According to Chinese prosecutors, the scheme affected more than 102,000 investors, who suffered combined losses of approximately 19.98 billion yuan.
Much of the money was used to repay existing investors, operate fraudulent investment projects and purchase assets, including Bitcoin, real estate, vehicles and jewelry.
Qian fled China in 2017, eventually arriving in the United Kingdom, where British authorities subsequently seized her cryptocurrency holdings.
In November 2025, she was sentenced to 11 years and eight months in prison by a British court for money laundering offenses.
What happens to seized Bitcoin?
The latest development comes as British courts are also considering the legal ownership of the massive Bitcoin fortune.
On October 12, the UK's High Court ruled that Chinese law should govern claims made by victims seeking to recover the seized cryptocurrency.
The decision could have major implications for whether investors are entitled to the original value of their losses or potentially benefit from Bitcoin's substantial appreciation since the fraud took place.
However, the British ruling does not establish final ownership of the assets. Further proceedings will determine whether the victims can demonstrate enforceable rights to the cryptocurrency.
Meanwhile, the Chinese court has opened a six-month period during which Qian's relatives and other interested parties, including affected investors, can participate in the confiscation proceedings.