Thousands Pursue Bitcoin Compensation Across Borders: UK Court Sets Deadline for Victims
According to Caixin, the UK High Court recently held a two-day hearing regarding the disposition of assets involved in a laundering case of 60,000 bitcoins. Over 11,300 Chinese victims have planned to file claims with the UK High Court. However, this number only represents 8.8% of all 128,409 victims.
Chinese Fund-Raising Scandal Sparks International Money Laundering Case
This is the largest bitcoin money laundering case in British history and is tied to an illegal public deposit scheme run by Tianjin Blue Sky Ge Rui Electronic Technology Co., Ltd. in China. The main suspect, Qian Zhimin, fled to the UK with a significant amount of bitcoin and was later sentenced to 11 years and 8 months in prison after triggering anti-money laundering scrutiny through property purchases. Over 60,000 bitcoins have since been frozen.
UK Law Offers a Route for Victims to Claim Compensation
Under Section 281 of the UK’s Proceeds of Crime Act (POCA), individuals can file claims with the UK High Court if they believe that assets seized or frozen by the government rightfully belong to them. On October 22, 2024, UK courts opened a registration window, allowing victims of the Blue Sky Ge Rui case to submit evidence proving their connection to the seized assets.
- More than 11,300 Chinese victims have applied for compensation
- The case involves 60,000 bitcoins in an international money laundering scandal
- UK courts offer a legal path for victims to reclaim assets