China Seeks 61,800 Bitcoin in $5.7 Billion Investment Fraud Case

The Tianjin No. 2 Intermediate People’s Court announced the recovery effort on October 13, establishing a six-month window for victims to participate in the legal process. The scheme, operated by Tianjin Lantian Gerui Electronic Technology between 2014 and 2017, promised investors guaranteed principal and high returns of up to 300%. Instead, funds were diverted into luxury goods and cryptocurrency holdings, including 72,700 Bitcoin Cash and 3.6 million XRP.

Qian fled to the UK in 2017 using a St. Kitts and Nevis passport under the alias Yadi Zhang. British authorities eventually seized the digital assets following a multi-year investigation that led to the conviction of her associate, Jian Wen, and Qian’s own sentencing to 11 years and eight months in November 2025. While the assets remain under British control, High Court Justice Mark Turner ruled on October 12 that Chinese law must govern the ownership claims of the 16,000 victims currently involved in UK recovery proceedings. The court has yet to determine whether these investors are entitled to the full value of the Bitcoin, which has appreciated significantly since the original fraud.