Multi-Billion Dollar Bitcoin Trouble Stirring Up China – Here’s What We Know
The post Multi-Billion Dollar Bitcoin Trouble Stirring Up China – Here’s What We Know appeared on BitcoinEthereumNews.com.
New suspicions are emerging in the investigation into Chinese suspect Qian Zhimin, carried out both in the UK and China. While Chinese reports indicate that Qian acquired a total of 194,951 Bitcoins over the years, British authorities seized only 61,000. This bolsters claims that more than 120,000 Bitcoins are still missing. Detective Joe Lane of London’s Metropolitan Police said Qian allegedly “lost” the password to a wallet containing 20,000 BTC. The current value of these assets is approximately $1.75 billion. Qian is accused of funneling proceeds from an illegal fundraising operation in China called Lantian Gree into cryptocurrencies. Sentenced to 11 years and 8 months in prison at a November trial in the UK, Qian’s sentencing process is now complete, and the focus is now on the return of the assets. UK courts determined that the 61,000 seized Bitcoins were linked to funds obtained from fraudulent activities in China. However, a hearing to return the Bitcoins to China has been postponed until January 2026. Due to the rise in Bitcoin prices, the market value of the assets in question has approached approximately $7 billion at times. International legal experts say the case is no longer just a money laundering case, but a test case for digital asset ownership and cross-border jurisdiction. According to victim testimonies reported in international media, the Lantian Gree investment program has left thousands of people saddled with heavy debt. Some say they haven’t received their salaries for years, their families have been disrupted, and they still struggle with massive debts. Judge Sally-Ann Hales, in her ruling in the UK, said the victims had suffered serious harm not only financially but also socially and psychologically. According to court records in the UK, Qian: Since 2014, investors have opened accounts on exchanges such as Huobi and converted their…
