The UK High Court held a procedural hearing on June 5 regarding asset disposal in the Qian Zhimin Bitcoin money laundering case. Approximately 16,000 Chinese victims have registered through multiple UK law firms to participate in civil recovery proceedings under the Proceeds of Crime Act (POCA), paving the way for distribution of about 60,000 Bitcoin (worth roughly £3 billion).
Registration Deadline: 16,000 Victims, Just 13% of Total
The registration window for civil claims closed on May 22. These ~16,000 registrants form the current pool of victims eligible for the UK civil process. Yet compared to the total 128,000 victims of the Lantian Gerui scheme, those who made it into UK proceedings represent less than 13%. Further deduplication is needed as some victims may have registered with multiple firms.
British media have called this "the largest crypto money laundering case in UK legal history." Qian Zhimin allegedly defrauded some 130,000 Chinese investors of over RMB 43 billion through Lantian Gerui, converting proceeds into Bitcoin and laundering them abroad.
60,000 Bitcoin: UK Law or Chinese Law?
The core dispute at the hearing: should UK or Chinese law determine ownership of the seized 60,000 Bitcoin? The court previously appointed litigation receivers for Lantian Gerui, but stressed this was procedural, not implying any substantive rights over the crypto assets.
If UK law applies, victims' civil recovery path is clearer. If Chinese law applies, the Chinese government's claim to the illicit funds comes into play — Beijing has stated it "has the right to recover and will not stand by." This makes the case not just about compensation for cross-border scam victims, but also a jurisdictional tug-of-war between the UK and China.
Cross-Border Crypto Asset Recovery: A Warning
The case carries strong lessons for Taiwan, which has seen a surge in cryptocurrency Ponzi schemes — from "Bitcoin gangs" to DeFi platforms. Victims often face double obstacles: perpetrators operating overseas and assets hidden in crypto. The UK court's willingness to hear Chinese victims' civil claims offers a rare international precedent for recovery mechanisms in cross-border crypto fraud.
Yet the fact that only 13% of total victims have registered highlights the steep barriers to cross-border judicial relief — language hurdles, legal costs, and information asymmetry may exclude most victims. The court will hold further hearings on the applicable law in July. The case continues to unfold.