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

Odaily News Chinese victims of an investment fraud case are challenging a compensation arrangement involving approximately 61,000 Bitcoin in a UK court. Representatives of the victims have applied to the UK High Court to reject the compensation plan through the Chinese mechanism, arguing that it may allow UK authorities to retain substantial asset appreciation gains. The Bitcoin was seized by UK police in a London money laundering investigation and is currently valued at around £3.2 billion (approximately $4.3 billion). It is reported that law firm Candey, representing about 5,700 victims, raised objections, believing the current compensation plan cannot guarantee fair compensation. The fraud was masterminded by Qian Zhimin, involving over 128,000 Chinese investors. The proceeds from the fraud were converted to Bitcoin and transferred overseas between 2014 and 2017. UK prosecutors stated that some claims could result in a few victims and litigation funders receiving compensation exceeding their actual losses. (FT)