Qian Zhimin's 40 Billion Yuan Illegal Fundraising Case Update: Prosecutors Apply for Confiscation of Over 61,800 Bitcoins and Other Assets, Court Has Accepted the Case

Foresight News reports, citing The Paper, that the domestic judicial process has seen new developments in the case of Qian Zhimin, involving over 40 billion yuan in illegal fundraising and more than 60,000 bitcoins. On October 13, the Tianjin Second Intermediate People's Court announced that it had accepted the case filed by the Second Branch of the Tianjin People's Procuratorate on September 28, applying for the confiscation of Qian Zhimin's illegal gains. According to the confiscation application list published by the Tianjin Second Intermediate Court, in addition to bitcoins, the virtual currencies involved in the case include 72,745.79502 Bitcoin Cash, 72,745.78555 Bitcoin Gold, 72,745.7845 Bitcoin SV, 3,605,989.9995 XRP, and 70,081,208.62553222 Dogecoin (converted and deposited into interest-bearing accounts by UK judicial authorities). Furthermore, the assets requested for confiscation also include cash in USD, EUR, GBP, jewelry, as well as bank balances, investment portfolios, and more. The Second Branch of the Tianjin People's Procuratorate stated that Qian Zhimin is suspected of the crime of fundraising fraud and has been on the run for a year after being listed as wanted, failing to appear in court. Evidence indicates that the 61,800+ bitcoins and other assets seized in the UK are illegal gains and their proceeds. These assets should be recovered, including their transformations and derivatives, and confiscated, except for those legally returned to the defrauded fundraising participants.