Shocking £5 Billion Bitcoin Battle: Will Victims Get Their Money Back?

Mei Lin

"This is just insane! How can the government keep money that belongs to victims?"

Isabella Martinez

"Doesn't seem fair that the victims might only get back what they lost years ago."

Jean-Pierre Dubois

"I can't believe this has been going on for nearly a decade! Justice needs to be served."

Samuel Okafor

"Just sell the Bitcoin already and give the victims their money!"

Dmitry Sokolov

"What a rollercoaster of emotions for those affected. They truly deserve better!"

Michael Johnson

"So many lives ruined over this scheme. The legal system better come through!"

Darnell Thompson

"Honestly, how can the government sleep at night knowing they have victims' money?"

Sofia Mendes

"Is it weird that I feel more for the Bitcoin than the fraudsters? 😂"

Hiroshi Nakamura

"Will the government use the funds to fix their budget issues? Unbelievable!"

Dmitry Sokolov

"This is the kind of story that makes you question the justice system completely."

2025-10-01T20:40:35Z

Imagine losing your life savings to a massive investment scam and then seeing the government hold onto billions in Bitcoin that rightfully belongs to you. This isn't just a nightmare; it’s a reality for over 120,000 victims of a fraudulent scheme orchestrated by Zhimin Qian, who recently pleaded guilty in a U.K. court.

The U.K. government is now embroiled in a contentious legal battle, aiming to keep the £5 billion ($7 billion) in Bitcoin it seized in 2018. Zhimin Qian was at the helm of an elaborate investment fraud that ran rampant between 2014 and 2017, converting the stolen funds into Bitcoin while leaving countless individuals in financial ruin.

As if this situation wasn’t already high-stakes enough, victims have initiated civil proceedings to reclaim their losses, with the first hearing scheduled for January. While legal experts assert that these victims are entitled to compensation under English law, there is a catch: they might only get back what they lost at the time, not the current soaring value of the cryptocurrency.

In a courtroom drama worthy of a movie, the Crown Prosecution Service is pushing for civil recovery proceedings at the U.K. High Court. This legal soap opera raises the question of whether the victims will see even a fraction of their losses returned. Ashley Fairbrother, a partner at Edmonds Marshall McMahon, notes the complexity of the case, stating, “I am not sure that English Law is on the U.K. government’s side here on whether it can keep the seized Bitcoin.”

Qian’s fraudulent operation strikes a chord with many, especially as some victims are elderly and vulnerable, having lost their entire life savings. William Glover and Stephen Cartwright, attorneys for the victims, emphasize that many have been waiting nearly a decade to recover their stolen wealth. “They are entitled to recover their property from the Bitcoin frozen in this jurisdiction,” they declared.

However, the legal battle doesn’t just revolve around who gets the Bitcoin. If the U.K. government retains the funds, they face a crucial decision: should they sell the Bitcoin for a quick financial fix or hold it, risking a repeat of their notorious gold sale in 1999 when prices were low?

The future of these assets remains uncertain, but one thing is clear—this saga is far from over.

Elena Petrova

Source of the news: Decrypt

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