Chinese Fraud Victims Challenge UK Redress Plan for 61,000 Seized Bitcoin
Qian Zhimin illegally raised more than 40 billion yuan from over 128,000 investors through Tianjin Lantian Gerui between 2014 and 2017, converting some of the proceeds into Bitcoin. London’s Metropolitan Police seized about 61,000 Bitcoin in 2018. Whether victims should be compensated for their original principal or receive assets reflecting Bitcoin’s appreciation has implications for cross-border asset recovery and digital-asset ownership rights.
In March 2026, Candey, representing more than 5,700 victims, challenged the compensation plan in the UK High Court. The 61,000 Bitcoin were worth about £3.2 billion ($4.3 billion) at the time. About 16,000 people joined the civil claim by the May 22 registration deadline. The court held a three-day hearing from July 7 to 9 to consider whether UK or Chinese law should apply, but has yet to rule.
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The history behind this eventUK High Court Hears $172 Million Bitcoin Theft Case Involving CCTV Capture of Hardware-Wallet Seed Phrase
UK resident Ping Fai Yuen alleges that his estranged wife, Fun Yung Li, used CCTV cameras in their home to capture the 24-word seed phrase for his Trezor hardware wallet, enabling her to reconstruct the wallet and transfer its assets. The case highlights the physical-surveillance risks associated with self-custody and tests whether traditional UK property law can effectively recover digital assets such as Bitcoin.
The King’s Bench Division of the High Court of England and Wales issued a ruling on March 10, 2026, allowing the case to proceed to trial. Yuen alleges that 2,323.28423347 Bitcoin were transferred to 71 addresses on August 2, 2023. The assets were worth nearly $60 million at the time and are now estimated at about $172 million. Justice Cotter also said the claimant had a “very high” likelihood of succeeding.
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