- Mr Justice Turner ruled on Monday that Chinese law governs victims’ claims to more than 61,000 Bitcoin seized from Zhimin Qian.
- Claimants must show a proprietary interest under the Proceeds of Crime Act, and a creditor’s claim for money paid in is not enough.
- No evidence on Chinese law has been heard yet, so whether any victim owns part of the coins is left for a later stage.
A High Court judge in London ruled on Monday that Chinese law will govern claims by victims of Zhimin Qian’s investment schemes to more than 61,000 seized Bitcoin.
Mr Justice Turner’s judgment settles only which legal system applies. He has heard no evidence yet on what Chinese law says, and left its content, effect and proof for a later stage. He will next hear counsel on the form of order.
The victims claim under section 281 of the Proceeds of Crime Act 2002, which protects owners of property targeted for civil recovery. Turner said that test requires a proprietary interest, and a creditor’s claim for the money paid in does not qualify.
Whether the issues are analysed under Rome I, Rome II or the common-law rules of private international law, the result is the same. The applicable law is Chinese law.
Mr Justice Turner Lawyers for the individual claimants argued for English law, or a mix of English and Chinese law, on four legal bases. Turner rejected all four, along with a fallback that English law should govern by default until Chinese law is proven.
The Director of Public Prosecutions, who brought the recovery case, argued for Chinese law. So did receivers for Qian’s company, Tianjin Lantian Gerui Electronic Technology, appointed on an order obtained by alleged victim Wang Wu.
Caixin reported that about 16,000 Chinese victims have joined the UK proceedings. It said the ruling could limit them to principal and interest, without a share of the coins’ gains.
Nobody disputed that Bitcoin is property in English law. The Property (Digital Assets etc) Act 2025 confirmed that status when it took effect on 2 December 2025.
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Schemes Run From Tianjin
An agreed statement of assumed facts before the court says Qian ran about ten Ponzi schemes in China from 2014 to July 2017, mostly through the Tianjin company. Victims paid about 40.2 billion yuan, according to a 2021 Tianjin court judgment cited in the statement. That came to about £4.1 billion, or roughly US$5.43 billion (AU$7.76 billion).
Part of the money became Bitcoin before Qian fled China in July 2017. She reached London that September under the name Yadi Zhang. There, Metropolitan Police officers seized devices used to access the coins in searches on 31 October and 1 November 2018.
Qian was jailed for 11 years and eight months in November 2025 after pleading guilty to acquiring and possessing criminal property in cryptocurrency. The Crown Prosecution Service said then that her cryptocurrency and other assets were worth around £4.8 billion, about US$6.36 billion (AU$9.09 billion).
Chancellor Rachel Reeves was reported in July 2025 to be preparing a sale of seized Bitcoin to help close a budget shortfall.
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