Hacking News
Chinese Authorities Seize $5 Billion in Bitcoin Linked to Fraud Scheme
Chinese authorities are working to seize nearly 62,000 bitcoins, worth around $5 billion at today's prices, linked to a fraud scheme involving the recruitment of associates to sell fake wealth management products. The alleged fraudster, Qian Zhimin, fled to the UK with computers holding the bitcoin wallets. The UK High Court ruled that Chinese law applies to ownership disputes over the seized bitcoin, which has appreciated since 2017. Victims can register to participate in asset recovery proceedings through a WeChat platform, with a six-month notice period before the hearing.