British High Court Rules Chinese Law Applies to Bitcoin Claims in Qian Zhimin Case, Victims May Miss Out on Massive Appreciation

Odaily News: The UK High Court has issued a significant ruling regarding a cross-border asset recovery dispute involving over 61,000 bitcoins linked to the illegal fundraising case of Tianjin Blue Sky Gerui in China. On October 12 local time, a judgment obtained by Caixin from the UK High Court shows that the court determined that property rights claims raised by Chinese investors over the bitcoins in question should be governed by Chinese law rather than English law. This means that approximately 16,000 Chinese victims who have participated in the UK recovery proceedings may be unable to share in the massive appreciation gains from the surge in bitcoin prices through English law, and may at most only recover their principal and interest. (Caixin)