On Wednesday, October 14, 2026, U Today reported that Chinese authorities are moving to confiscate roughly $5 billion in Bitcoin, along with millions of XRP and Dogecoin tokens, tied to one of the largest cryptocurrency fraud cases on record.
Citing Chinese outlet The Paper, the report said the Tianjin No. 2 Intermediate People’s Court has taken up a confiscation application covering digital assets seized from Qian Zhimin, who was convicted of money laundering. The court announced on October 13 that it formally accepted the application on September 28.
Prosecutors are seeking 61,896.41552945 BTC, valued at about $5 billion at recent market prices, as well as several other cryptocurrencies. The application also extends to cash held in U.S. dollars, euros and British pounds, along with jewelry, bank deposits and investment portfolios.
The Dogecoin holdings have reportedly already been converted to cash by British judicial authorities and placed in an interest-bearing account.
The proceedings stem from an alleged investment fraud run by Qian through Tianjin Lantian Gerui Electronic Technology. Between April 2014 and August 2017, the company illegally raised about 40.38 billion yuan, roughly $6 billion, by selling investment products that promised substantial returns, according to Chinese prosecutors.
Prosecutors say the scheme affected more than 102,000 investors, who lost a combined 19.98 billion yuan. Much of the money was allegedly used to pay earlier investors and fund fraudulent projects, as well as to buy assets such as Bitcoin, real estate, vehicles and jewelry.
Qian left China in 2017 and eventually reached the United Kingdom, where British authorities seized her cryptocurrency holdings. In November 2025, a British court sentenced her to 11 years and eight months in prison for money laundering offenses.
Separately, the UK High Court ruled on October 12 that Chinese law should govern claims by victims seeking to recover the seized cryptocurrency. The decision could influence whether investors are entitled only to the original value of their losses or may also benefit from Bitcoin’s appreciation since the fraud occurred.
The British ruling does not determine final ownership of the assets, and further proceedings will decide whether victims can establish enforceable rights to the cryptocurrency.
The Chinese court has opened a six-month period during which Qian’s relatives and other interested parties, including affected investors, may take part in the confiscation proceedings.
Source: U Today
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