BlockBeats news: On October 14, according to The Paper, the case involving Qian Zhimin, who was linked to over RMB 40 billion in illegal fundraising and more than 60,000 bitcoins, has seen new developments in China’s judicial process. On October 13, the Second Intermediate People’s Court of Tianjin announced that it had accepted the case on September 28, filed by the Second Branch of the Tianjin People’s Procuratorate, seeking the confiscation of Qian Zhimin’s illicit gains.
According to the asset forfeiture list published by the Tianjin No. 2 Intermediate People’s Court, in addition to Bitcoin, the involved virtual currencies include 72,745.79502 Bitcoin Cash, 72,745.78555 Bitcoin Gold, 72,745.7845 Bitcoin Satoshi’s Vision, 3,605,989.9995 Ripple (XRP), and 70,081,208.62553222 Dogecoin (converted and deposited into an interest-bearing account by UK judicial authorities). Additionally, the assets subject to forfeiture include cash in USD, EUR, and GBP, jewelry, as well as bank balances and investment portfolios.
The Second Branch of the Tianjin People's Procuratorate believes that Qian Zhimin is suspected of fundraising fraud, and after fleeing, has been wanted for one year without appearing. Evidence indicates that the over 61,800 bitcoins and other assets seized in the UK constitute illicit gains and their proceeds. Such illicit gains, along with any transformed, converted, or derived assets and proceeds, shall be confiscated, except for those legally returned to affected fund participants.