Hundreds of Thousands Chinese Victims Face Long Fight to Recover 61,000 BTC Seized by UK Government

Hundreds of thousands of Chinese investors defrauded in a $6B Bitcoin Ponzi scheme may face years of legal hurdles to recover their funds cos after the UK seized 61,000 BTC linked to the case, proving victims’ ownership will be a major challenge.

Lawyers say victims are unlikely to recover Bitcoin’s appreciated value, as courts prioritize returning principal amounts.

Is this fair though? should they get only what they invested?

The case centers on Qian Zhimin, also known as Zhang Yadi, a 47-year-old Chinese national who fled to the United Kingdom in 2017 after allegedly defrauding investors through her company, Tianjin Lantian Gerui Electronic Technology.

From 2014 to 2017, she reportedly raised 43 billion yuan ($6 billion) by selling high-return investment products before converting the funds into crypto assets.

Qian pleaded guilty in a London court in late September to two counts of money laundering using cryptocurrencies.

The victims, estimated at 130,000 across China, include many small investors unfamiliar with digital finance, complicating coordination and documentation.