Gate News reports that on March 12, Chinese victims of the Qian Zhimin case filed an objection with the High Court of the United Kingdom to the proposed compensation plan. The plan intends to pay victims through China’s compensation mechanism, but victims believe this could result in the UK authorities benefiting from the appreciation of most of the approximately 61,000 Bitcoins held. These Bitcoins were seized by London police during a money laundering investigation.
Court documents show that since the assets were confiscated, Bitcoin prices have surged significantly, with the total value of these Bitcoins now around £3.2 billion (approximately $4.3 billion). The law firm Candey, representing about 5,700 victims, stated that the proposed compensation arrangement may not ensure fair restitution. Court documents also reveal that the scam affected over 128,000 Chinese investors.
The dispute stems from a Chinese investment scam that occurred between 2014 and 2017, where investors were defrauded, and their proceeds were converted into Bitcoin and transferred overseas. This case highlights legal issues surrounding the seizure of digital assets: the value of digital assets can significantly appreciate between confiscation and compensation.
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