Qian Zhimin Case Holds First New Year Hearing, Planning Further Arrangements for Bankruptcy Liquidation Procedure in February

**January 25 – Caixin reports that the civil recovery proceedings for the case involving 60,000 Bitcoin laundered by Qian Zhimin in the UK held its first court hearing of the new year.** While criminal proceedings in the UK have concluded, UK prosecutors’ civil recovery efforts, the rights of Chinese victims, and bankruptcy proceedings are currently running in parallel and intertwined. This hearing was a standard procedural session and did not rule on asset ownership, compensation plans, or any substantive legal matters. The core issue discussed was who will represent the large group of Chinese victims. Presiding Judge Turner has voiced concerns about the current landscape: with more law firms representing different subsets of Chinese victims, the UK High Court faces a real risk of "agency proliferation." Upcoming hearings are set for February 16–17, where further arrangements or guidance may be issued regarding how bankruptcy proceedings specifically impact the civil recovery case.