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UK court rules Chinese law applies to claims over 61,000 seized bitcoin
The decision, issued by Mr Justice Mark Turner, leaves ownership rights undecided and the case hinges on how investors can prove their claims under Chinese law.
A UK High Court judge ruled that Chinese law must be used to decide whether victims of a multibillion-dollar investment fraud have rights to more than 61,000 seized bitcoin held by the Metropolitan Police, with ownership still not determined, according to The Block.
The case involves investors who lost money in Ponzi schemes run by Zhimin Qian in China between 2014 and 2017, and concerns bitcoin that was reportedly bought using fraud proceeds before Qian fled to Myanmar in July 2017.
Mr Justice Mark Turner delivered the ruling after arguments in July, with victims seeking application of English law or a mix of English and Chinese law, while prosecutors pushed for Chinese law, the outlet said.
Lawyers representing investors are reportedly pursuing an appeal, The Block added, as the victims are now required to establish ownership rights under Chinese law.
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