Chinese victims in the Qian Zhimin case may only be able to recover their principal and interest.
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According to Caixin, a UK court has issued a key ruling in the cross-border asset recovery dispute involving over 61,000 Bitcoin linked to China’s Tianjin Lantian Gerui illegal fundraising case. A judgment obtained by Caixin from the UK High Court on October 12 (local time) shows that the High Court ruled property rights claims filed by Chinese investors over the Bitcoin in question should be adjudicated under Chinese law, not UK law. This means around 16,000 Chinese victims who have joined the UK recovery process may not be able to claim the massive value gains from Bitcoin’s price surge under UK law, and can only recover their principal plus interest at most. Qian Zhimin purchased Bitcoin via Huobi in 2014 at an average price of around 2,815 yuan. Since then, Bitcoin’s price has risen sharply. Despite multiple rounds of extreme volatility, as of October 12, 2026, Bitcoin’s price stood at around 560,000 yuan, roughly 200 times the average price Qian paid back then. During the trial held from July 7 to 9 this year, the Director of the UK Crown Prosecution Service argued for applying Chinese law, while the liquidator of Tianjin Lantian Gerui Electronic Technology Co., Ltd. supported this stance. Lawyers representing Chinese individual investors, however, advocated applying UK law or a combination of Chinese and UK laws. The court ultimately upheld the position of the UK prosecution authorities.
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