UK High Court rules Chinese law applies to $1.7 billion Bitcoin seizure in crypto fraud case

The UK High Court has delivered a key ruling in one of the largest cryptocurrency-related legal disputes to date, centering on the fate of 61,000 Bitcoins seized during a sweeping investigation into a major international investment fraud and money laundering operation. The case traces back to 2014, when Chinese national Qian Zhimin, also known as Yadi Zhang, incorporated Tianjin Lantian Gerui Electronic Technology in China. Through this company, Qian orchestrated a complex fraudulent investment scheme, attracting thousands of participants. Between 2014 and 2017, the company offered investment opportunities in digital assets, senior care services, and other ventures, promising high returns.

Also reported by Crypto News Australia.

Source: CoinTurk News