61,000 Bitcoin Money Laundering Case Compensation Plan Questioned, Chinese Victims Launch Legal Challenge in UK

Odaily News Chinese victims of an investment scam are challenging a compensation arrangement involving approximately 61,000 Bitcoin in UK courts. Representatives of the victims have applied to the UK High Court to reject a compensation scheme via a Chinese mechanism, arguing it could allow UK authorities to retain significant asset appreciation gains. The Bitcoin was seized by UK police in London during a money laundering investigation and is currently worth around £3.2 billion (approximately $4.3 billion). It is reported that law firm Candey, representing about 5,700 victims, raised objections, stating the current compensation plan fails to guarantee fair restitution. The scam, led by Qian Zhimin, involved over 128,000 Chinese investors, with the proceeds converted to Bitcoin and transferred overseas between 2014 and 2017. UK prosecutors stated that some claims could result in a small number of victims and litigation funders receiving compensation exceeding their actual losses. (FT)