The UK High Court held a procedural hearing on June 5 for Qian Zhimin's Bitcoin money laundering case. About 16,000 Chinese victims have registered for civil recovery under POCA, but that's just 13% of total victims. The key issue: whether UK or Chinese law governs 60,000 seized Bitcoin.

A broad set of policy, market-structure, ETF, stablecoin and exchange developments shaped the latest 24-hour cycle in crypto. RootData said the industry logged $9.081 billion in total fundraising across 259 deals in the first half of 2026, with primary-market financing, excluding IPOs, post-IPO rounds and M&A, reaching $8.658 billion. That segment was down 26.1% year over year, while deal count fell 28.5%. March and May were the busiest months by activity, and the data pointed to a market still functioning but increasingly driven by a smaller number of larger rounds, more concentrated venture participation, and heavier interest in DeFi, infrastructure, CeFi, AI, payments and RWA. Japan moved to the front of the regulatory agenda after the upper house approved revisions to the Financial Instruments and Exchange Act. The overhaul would classify crypto assets as financial products, add insider-trading restrictions, toughen penalties for unlicensed operators, and set up the legal framework for crypto ETFs. The tax treatment is also set to change. From Jan. 1, 2028, gains from crypto trading are expected to shift from a comprehensive regime with rates of up to 55% to a separate self-assessed tax system of about 20%, matching stocks, with loss carryforwards of up to three years. Elsewhere, the U.S. and U.K. published a joint digital-asset roadmap centered on regulated stablecoins and tokenization, South Korea said it plans to push a Digital Asset Basic Act in the second half, spot Bitcoin and Ether ETF flow data stayed active, and exchanges including OKX and Binance announced new tokenized equity products and collateral expansions.

A court hearing in the Qian Zhimin case involving 60,000 BTC was held from July 7 to July 9, 2026, and the next phase is expected to shift toward evidence review and asset tracing, according to Odaily, citing Caixin. The report said the case is likely to gradually enter the evidence and merits stage after October this year. The court is expected to focus on five issues: how RMB investment funds entered Lantian Geri and related accounts; how the funds were pooled, transferred, and exchanged; which funds can be demonstrably linked to the Bitcoin seized in the UK; the losses, repayments, and prior compensation of each claimant; and the exact property relationship among individual investors, Lantian Geri, and the Bitcoin involved in the case. According to the analysis cited by Caixin, after disputes over the applicable law were addressed and the judge made a ruling in July, the case will gradually move away from the question of which legal framework applies and toward whether the evidence can substantiate the claimed rights.

Crypto markets saw a dense mix of policy, market structure, and on-chain developments over the past 24 hours. Michael Saylor and Blockstream co-founder Adam Back publicly pushed back against Bitcoin proposal BIP 110, arguing that the measure would undermine Bitcoin’s decentralization and neutrality. At the same time, Forbes released a list of 10 cryptocurrencies it considers worth investing in, including BTC, ETH, BNB, XRP, SOL, TRX, HYPE, RAIN, LEO, and ZEC, using utility, store-of-value characteristics, seven-day performance, and 24-hour trading volume as screening criteria. On the regulatory side, Coinbase chief policy officer Faryar Shirzad said the CLARITY Act would place digital asset platforms under stronger oversight rather than weaken national security, responding to criticism from Senator Elizabeth Warren. Separately, The Hill reported that U.S. Senate leaders are targeting the week of July 20 for floor consideration of the bill, though bipartisan disagreements remain. Market data also remained in focus. CryptoQuant analyst Axel Adler said short-term Bitcoin holders still show stronger buy-side pressure than sell-side pressure, even as both cool slightly, while recent ETF inflows are still too small to confirm a reversal in institutional demand. Coinglass data showed $76.96 million in liquidations over the past 24 hours, with short liquidations outpacing longs. Other notable developments included new claims in the Qian Zhimin 60,000 BTC case, renewed accusations from ZachXBT over LAB token selling, and a rare full Bitcoin block mined by a single-chip Bitaxe ASIC machine.

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.

A three-day hearing in the case over 60,000 BTC tied to Qian Zhimin was held from July 7 to 9, 2026, with the dispute expanding from a two-sided contest into a three-way fight after the litigation receiver for Lantiange Rui formally entered the case. The claims now come from three directions: UK prosecutors argue the assets should be confiscated by the state, Chinese victims say they hold proprietary interests in traceable bitcoin that has risen sharply in value, and the receiver for Lantiange Rui contends the bitcoin represents substitute property formed after company funds were misappropriated. The report said the bitcoin was valued at about RMB 427,000 per coin in July this year, up 152 times from Qian’s 2014 purchase cost of RMB 2,815. That valuation has raised the stakes for claimants, because a successful proprietary claim could extend recovery beyond original investment losses to include gains from bitcoin’s appreciation. At the hearing, the Director of the Crown Prosecution Service maintained that Chinese law should apply, while the lead law firm representing individual victims presented four legal arguments covering applicable law in the UK, rescission of fraudulent investment contracts, tracing under POCA sections 305 and 306, and a “hybrid structure” that would avoid a strict choice between Chinese and English law.

A Chinese national accused of laundering bitcoin in the United Kingdom has pleaded guilty at the opening of her trial at Southwark Crown Court in London. The defendant, Qian Zhimin, also known as Zhang Yadi, admitted to possessing and transferring criminal property under the UK Proceeds of Crime Act 2002. The case is tied to one of the largest crypto seizures ever made by British authorities: more than 61,000 BTC, currently valued at about £5.1 billion, or roughly $6.7 billion, with some estimates placing the value close to $7 billion at current market prices. Prosecutors say the funds were linked to a large-scale Chinese investment fraud that affected around 128,000 victims between 2014 and 2017. Investigators also allege that Qian attempted to launder proceeds in the UK through property purchases, with assistance from Jian Wen, who had previously been jailed for helping move 150 BTC. The case highlights how difficult it is to prosecute cross-border crypto crime, especially where extradition arrangements are limited and no direct UK entities were involved in the original fraud. The trial was expected to last 12 weeks, with Chinese police officers due to testify in person and victims scheduled to appear remotely by video link from Tianjin.

A Chinese national, Qian Zhimin, also known as Zhang Yadi, pleaded guilty at the start of her trial in London’s Southwark Crown Court to possessing and transferring criminal property under the UK Proceeds of Crime Act 2002. The case is tied to one of the largest crypto seizures ever made by British police: more than 61,000 BTC, currently valued at around £5.1 billion, or roughly $6.7 billion, and close to $7 billion at current bitcoin prices. Prosecutors say the bitcoin was linked to a major Chinese investment fraud that allegedly affected about 128,000 victims between 2014 and 2017. The report also highlights why cross-border crypto crime cases are so difficult to prosecute, including the absence of a UK-China extradition treaty, the fact that no UK entities were directly involved in the original fraud, and the complexity of gathering evidence across multiple jurisdictions. The case further involves allegations that proceeds were laundered in the UK through property purchases, with assistance from Jian Wen, who had previously been jailed for helping move 150 BTC. With a 12-week trial timeline and testimony expected from Chinese police officers and victims appearing remotely from Tianjin, the case offers a clear look at how large-scale crypto investigations now combine on-chain tracing, international legal cooperation, and traditional financial evidence.