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China Rushes to Verify Victims of $6 Billion Fraud as U.K. Holds Seized Bitcoin

Published: Oct. 31, 2025 6:27 p.m. GMT+8

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(London) — Chinese authorities are rushing to register the victims of a massive illegal fundraising scheme, as they coordinate with British law enforcement on the recovery of more than 60,000 bitcoins seized in a related money-laundering case in the U.K.

A working group in the city of Tianjin announced Thursday that participants in Tianjin Lantian Gerui Electronic Technology Co. Ltd.’s fundraising scheme who have not yet registered their claims must do so from Oct. 31 to Dec. 29.

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Chinese authorities are registering victims of a $6 billion illegal fundraising scheme involving 130,000 people, with claims open until Dec. 29.
U.K. police seized over 60,000 bitcoins related to the case; their value now exceeds 48 billion yuan.
Victims may seek restitution through both China’s collective repayment process and individual U.K. civil claims.

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Who’s Who

Tianjin Lantian Gerui Electronic Technology Co. Ltd.: Tianjin Lantian Gerui Electronic Technology Co. Ltd. orchestrated a massive illegal fundraising scheme in China, defrauding nearly 130,000 people of over 43 billion yuan. The company's mastermind, Qian Zhimin, fled to the U.K. with ill-gotten gains, leading to a large bitcoin money-laundering investigation there.

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