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UK Court Ruling Strengthens Government’s Bitcoin Seizure
A London court has ruled in favor of the U.K. government in a case involving $5 billion in seized bitcoin. The decision, made by Mr. Justice Mark Turner of the London High Court, supports the government's position that Chinese law should govern the property claims of thousands of Chinese fraud victims who lost money to a Ponzi scheme run by Zhimin Qian. The victims had argued that English law should apply, as it could have allowed them to claim property rights over the multi-billion-pound crypto fortune. The ruling narrows the victims' route to recovering the bitcoin and improves the chances of the U.K. Treasury retaining the seized bitcoin. The victims' lawyers are appealing the decision, and a further hearing will determine whether any victims can establish an interest in the bitcoin. This decision comes after the U.S. established a strategic bitcoin reserve in March 2025, which includes BTC and other coins seized in enforcement actions. No single token has been acquired with taxpayer money.