China Seeks to Confiscate 61,800 Bitcoin Tied to $5.7 Billion Fraud

Chinese prosecutors are seeking to confiscate more than 61,800 Bitcoin tied to a $5.7 billion fraud scheme. The coins were seized in the U.K., and the request sets up a cross-border dispute over who has the legal right to them.

The move comes days after a U.K. court ruled that Chinese law governs victims’ claims to the Bitcoin. A Tianjin court is due to hear the confiscation application after a six-month notice period, according to reporting by Decrypt.

Why are China and the U.K. both involved?

The case involves the same Bitcoin being addressed in two legal systems: Chinese prosecutors are pursuing confiscation, while proceedings in London concern claims by victims. The U.K. ruling on which country’s law applies does not, by itself, settle who receives the coins or resolve the Chinese application.

The reported amounts also differ: the fraud scheme is described as involving $5.7 billion, while Decrypt’s headline values the Bitcoin sought for confiscation at $5.1 billion. These are separate reported dollar figures, not evidence that the number of coins has changed.

What happens next for the 61,800 BTC?

The next stated milestone is the end of the six-month notice period, when the Tianjin court is expected to hear the application. The parallel London dispute remains relevant because the outcome could affect how victims’ claims to the seized coins are handled.

For Bitcoin holders, this is a legal dispute over a specific cache of seized assets—not an announcement that Bitcoin itself is being restricted. The practical question is whether courts will direct the coins toward state confiscation or toward claims connected to the alleged victims. That is a different issue from China’s broader stance on crypto; for context, Chinese courts have also treated Bitcoin as property in an individual theft case, though that does not determine this case’s outcome.