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UK Government Wants to Keep $7 Billion in Stolen Bitcoin It Has Seized

The U.K. government is seeking to retain most of the £5 billion ($7 billion) in Bitcoin it confiscated from Zhimin Qian, convicted of possessing criminal property. Qian's extensive investment fraud between 2014 and 2017 left around 120,000 victims in China seeking recompense. Civil recovery proceedings are set to commence at the U.K. High Court in January. Legal experts believe while victims are entitled to compensation, they may only recover the value lost at the time, rather than the current value of the Bitcoin. The High Court's ruling may favor the U.K. government, potentially allowing it to benefit from the appreciation of Bitcoin. Victims argue that the seized Bitcoin should not be disposed of due to their legitimate interests, raising the stakes for upcoming civil proceedings, which could extend into 2027.

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