A three-day hearing in the case over 60,000 BTC linked to Qian Zhimin was held from July 7 to 9, 2026, according to Odaily. The fight over the bitcoin has now shifted from a two-party dispute to a three-way contest after the litigation receiver for Lantiange Rui formally joined the claim.
Three competing claims presented at the hearing
UK prosecutors argued that the assets should be confiscated by the state. Chinese victims said they hold proprietary interests in bitcoin that can be traced and that has risen sharply in value. The litigation receiver for Lantiange Rui argued that the bitcoin is substitute property formed after Qian misappropriated company funds.
Representing Lantiange Rui, the receiver said the bitcoin was, in substance, converted from misappropriated corporate property, giving the company the right to trace the assets and assert a proprietary claim.
Valuation sharpens the dispute
The bitcoin involved in the case was valued at about RMB 427,000 per coin in July this year. That compares with Qian’s 2014 purchase cost of RMB 2,815 per coin, a 152-fold increase.
If the applicants succeed in establishing proprietary interests in the bitcoin, the amount that could be recovered would not be limited to the original investment losses and could extend to gains from bitcoin’s appreciation.
Legal arguments focus on governing law and tracing
The Director of the Crown Prosecution Service continued to argue that Chinese law should apply. The lead law firm representing individual victims presented four legal theories: that bitcoin in the UK should be governed by English law; that the investment contracts were fraudulent and, once rescinded, beneficial interests should revert to the victims; that the tracing mechanisms in sections 305 and 306 of the Proceeds of Crime Act should also apply to victims; and that a “hybrid structure” could avoid forcing a binary choice between Chinese and English law.