FINANCE

Claim It or Lose It: China Police Seek Owner of $1.9 Million in Tether

Published: Dec. 8, 2025 12:57 p.m. GMT+8

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Police in Hubei province have issued a public notice seeking the owner of a digital wallet holding about 1.9 million USDT, warning that the assets will be turned over to the state treasury if left unclaimed for six months.

Officers discovered the wallet inside a rental unit occupied by a suspect during an investigation into a personal-information infringement case, but the owner of the property remains unknown.

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Explore the story in 30 seconds

Hubei police seek the owner of a wallet holding about 1.9 million USDT; assets go to the state after six months if unclaimed.
Cryptocurrency trading is banned in China, but civil law recognizes digital tokens as property.
Courts favor classifying cryptocurrency as property, while confiscated assets are liquidated via licensed Hong Kong exchanges.

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Who’s Who

Shanghai Man Kun Law Firm: Liu Honglin, a lawyer from Shanghai Man Kun Law Firm, provided insights into China's legal treatment of virtual assets. He stated that while Chinese law doesn't recognize virtual currencies as money, it acknowledges their property attributes. He also described China's three-tier legal approach to cryptocurrency, covering civil court recognition, administrative bans, and criminal law's view on illicit capital flows.

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What Happened When

2013：: China issued a directive prohibiting the use of cryptocurrency as currency.

2017：: China issued a directive banning initial coin offerings.

2021：: China declared all virtual currency-related business activities illegal financial conduct.

Dec. 3, 2025：: Police in Hubei province issued a public notice seeking the owner of a digital wallet holding about 1.9 million USDT, warning that the assets will be turned over to the state treasury if left unclaimed for six months.

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