Qian Zhimin Case Chinese Victims Raise Objections to Compensation Plan for 61,000 Confiscated Bitcoins

**March 12th Update** Chinese victims of the Qian Zhimin case are challenging a UK-proposed compensation scheme, per the Financial Times. The plan would funnel compensation through China’s domestic mechanism—but victims argue it would leave UK authorities with most of the appreciation gains from 61,000 bitcoins (BTC) seized by London police in a money laundering probe. Court filings show the dispute has been filed with the UK High Court, where the victims’ group is seeking recovery of the seized crypto assets. Bitcoin’s price has surged sharply since the seizure; the trove is now worth roughly £3.2 billion ($4.3 billion). Law firm Candey, representing ~5,700 victims, says the proposed plan fails to guarantee fair compensation. Court documents note the fraud impacted more than 128,000 Chinese investors. The case underscores a key legal issue with seized crypto: assets can skyrocket in value between seizure and compensation. The dispute stems from a Chinese investment fraud scheme spanning 2014–2017. After defrauding investors, perpetrators converted proceeds to Bitcoin and transferred them overseas.