U.K. Court Weighs Fate of 61,000 Bitcoins Seized in Massive Chinese Fraud

(London) — The U.K. High Court concluded a three-day hearing without an immediate ruling on whether British or Chinese law will govern the recovery of more than 61,000 seized bitcoins linked to Britain’s largest cryptocurrency money laundering case.

At the heart of the jurisdiction dispute is who captures the massive crypto windfall. Applying U.K. law could allow 16,000 Chinese fraud victims to claim property rights over the digital currency — and its exponential appreciation over the past decade. Conversely, Chinese law would restrict their recovery to their original principal and interest.