China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme
Photo: CoinDesk
Chinese prosecutors have moved to seize more than 61,800 Bitcoin linked to a massive fraud case worth over 40 billion yuan, roughly $5.7 billion, according to reporting by Chinese outlet The Paper . The case centers on Qian Zhimin, the alleged controller of Tianjin Lantian Gree Electronic Technology. Prosecutors say that from 2014 to 2017, the company sold unlicensed wealth-management products across China, promising guaranteed principal and high returns. The scheme raised more than 40.378 billion yuan from more than 102,000 investors, who lost nearly 20 billion yuan.
Source: CoinDesk
