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U.K. Court Advances Chinese Victims’ Claims to $3.8 Billion Bitcoin

Published: Jun. 8, 2026 4:51 p.m. GMT+8

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(London) — About 16,000 Chinese victims of a multibillion-dollar investment fraud have registered in the U.K. to seek a share of roughly 60,000 bitcoins seized by British authorities, according to a Friday hearing at the U.K. High Court.

These bitcoins are currently worth about $3.8 billion.

The registration window closed on May 22, leaving 16,000 claimants in the U.K. civil recovery process under the Proceeds of Crime Act. The act allows claimants to assert ownership over seized assets.

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16,000 Chinese victims registered in UK to claim share of 60,000 bitcoins ($3.8B) seized.
They represent under 13% of 128,000 victims of Tianjin Lantian Gerui fraud scheme.
July hearing will determine applicable law; mastermind Qian Zhimin sentenced to 11 years 8 months.

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Who’s Who

Tianjin Lantian Gerui Electronic Technology Co. Ltd.: Tianjin Lantian Gerui Electronic Technology Co. Ltd. orchestrated a 2014-2017 investment fraud scheme, raising over 40 billion yuan ($5.9 billion) from nearly 130,000 Chinese investors before collapsing. The company's mastermind, Qian Zhimin, was sentenced in the U.K. to 11 years and 8 months for bitcoin money laundering.

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What Happened When

2014-2017：: Scheme operated by Qian Zhimin through Tianjin Lantian Gerui Electronic Technology Co. Ltd., raising over 40 billion yuan from nearly 130,000 investors before collapsing.

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