Three-day hearing in Qian Zhimin 60,000 BTC case adds third claimant to dispute

News Editor

2026-07-12 09:03:00

A three-day hearing in the Qian Zhimin 60,000 BTC case was held from July 7 to July 9, 2026, according to Caixin, with Bluetegaorui joining the dispute through a litigation receiver. The case has now shifted from a two-sided fight to a three-way contest over the bitcoin. The UK prosecution, represented by the Director of Public Prosecutions (DPP), argues the assets should be confiscated by the state. Chinese victims claim they hold proprietary interests in bitcoin that can be traced to assets that have risen sharply in value. The litigation receiver for Bluetegaorui argues the bitcoin represents substitute property created after company funds were misappropriated. Caixin said the bitcoin involved was valued at about RMB 427,000 per coin in July this year, compared with Qian Zhimin’s 2014 purchase cost of RMB 2,815 per coin, a 152-fold increase. If applicants succeed in establishing proprietary rights over the bitcoin, recoveries may extend beyond the original investment losses to include the appreciation in value. The lead law firm for individual victims also presented four complementary legal arguments, covering the application of English law, rescission of fraudulent investment contracts, tracing under Sections 305 and 306 of POCA, and a mixed framework that avoids a strict choice between Chinese and English law.

Qian ZhiminBitcoinBluetegaoruiUK prosecutionVictim claimsPolicy regulationCaixin

A three-day hearing in the Qian Zhimin 60,000 BTC case was held from July 7 to July 9, 2026, according to Caixin. Bluetegaorui joined the dispute through a litigation receiver, adding a new claimant to the fight over the bitcoin.

That changes the case from a two-party confrontation into a three-way contest. The UK prosecution, represented by the Director of Public Prosecutions, says the assets should be confiscated by the state. Chinese victims argue they hold proprietary interests in bitcoin that can be traced to assets that have risen sharply in value. The litigation receiver for Bluetegaorui says the bitcoin is substitute property formed after Qian Zhimin misappropriated company funds.

Valuation and recovery claims

Caixin said the bitcoin in question was valued at about RMB 427,000 per coin in July this year. Qian Zhimin’s purchase cost in 2014 was RMB 2,815 per coin, putting the increase at 152 times.

If the applicants succeed in establishing proprietary rights over the related bitcoin assets, the amount they may recover would not be limited to the original investment losses. Their claims could also extend to the gains from bitcoin’s appreciation.

The litigation receiver representing Bluetegaorui argues that the bitcoin should be treated as transformed property derived from misappropriated corporate assets, giving the company the right to trace the assets and assert proprietary claims over them.

Four legal routes presented for individual victims

At the same time, the Director of Public Prosecutions continues to argue that Chinese law should apply. The lead law firm representing individual victims put forward four complementary legal arguments designed to prevent the victims’ claims from failing if any single legal route is rejected.

Because the bitcoin is in the UK, English law should apply.
The investment contracts were part of a fraud, and beneficial ownership returns to the victims after rescission.
The tracing mechanisms under Sections 305 and 306 of POCA should also apply to victims.
A mixed framework should be used instead of forcing a strict choice between Chinese and English law.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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