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China Seeks to Confiscate $5 Billion in BTC, XRP, DOGE, BCH, BTG and BSV in Major Crypto Fraud Case
Chinese authorities are seeking to confiscate approximately $5 billion worth of Bitcoin (BTC), along with millions of XRP and Dogecoin (DOGE) tokens, in connection with one of the largest cryptocurrency fraud cases in history. The Tianjin No. 2 Intermediate People's Court formally accepted a confiscation application on September 28, involving crypto assets seized from convicted money launderer Qian Zhimin. The application covers 61,896.41552945 BTC, other cryptocurrencies, cash, jewelry, bank deposits and investment portfolios. This stems from a fraud scheme orchestrated by Qian between April 2014 and August 2017, which illegally raised approximately $6 billion and affected over 102,000 investors. Qian was sentenced in the UK in November 2025 for money laundering offenses.
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