Hacking News
Chinese Prosecutors Seize Bitcoin Linked to $5.7 Billion Fraud Scheme
Chinese prosecutors have moved to seize more than 61,800 Bitcoin linked to a massive fraud case worth over 40 billion yuan. The case centers on Qian Zhimin, the alleged controller of Tianjin Lantian Gree Electronic Technology, who used the funds to repay earlier investors, run fake investment projects, and acquire property, cars, and jewelry. The British authorities seized more than 61,800 Bitcoin, plus other cryptocurrencies, including bitcoin cash, bitcoin gold, bitcoin SV, ripple, dogecoin, cash, and investment holdings. The Chinese court has accepted prosecutors' request to confiscate the assets as illegal gains, and victims have six months to join the case for potential refunds from recovered assets.