Prosecutors in Tianjin have applied to confiscate 61,896 BTC and related assets linked to Zhimin Qian, which are held in the UK, and a local court has accepted the case. At around $82,000 per BTC, the Bitcoin is worth about $5.1 billion. The prosecutors allege Qian sold unlicensed fake wealth management products from 2014 to 2017, raising more than 40.38 billion yuan and leaving over 102,000 investors with losses of about 19.98 billion yuan. In the UK, the High Court ruled on Oct. 12 that Chinese law should govern victims' claims to the coins, a decision seen as improving the government's chances of keeping them. Law firm Fieldfisher, which represents the claimants, is seeking to appeal, while a London lawyer notes the ruling does not decide who owns the Bitcoin.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Decrypt ↗
Keywords
Open a keyword to see other news on the same topic.
Related tickers and likely impact
BTC/USDT
• NeutralBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/21/2026 | 84,093.42 |
| Change that session | +1.28% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme
Chinese prosecutors are seeking to confiscate more than 61,800 bitcoin and other assets tied to an alleged $5.7 billion fraud that affected more than 102,000 investors. They say Qian Zhimin's company sold unlicensed wealth-management products, used investor money to repay earlier participants and fund fake projects, and left victims with nearly 20 billion yuan in losses. Qian fled China in 2017 and settled in Britain, where authorities seized his assets, including the bitcoin. A Tianjin court has accepted the request and opened a six-month window for interested parties to join the case, while a UK High Court ruled that Chinese law should govern victims' claims to the bitcoin seized in Britain.
- Bitcoin extends bounce above $82,000 as stocks rebound, DeFi tokens lead altcoin gains
Bitcoin rose 0.8% to around $82,700 on Monday, extending a rebound from Sunday's dip to about $80,700, as China's third-quarter GDP beat expectations and Nasdaq 100 futures gained more than 1%. Altcoins outpaced bitcoin: the CoinDesk 80 rose 0.9%, about triple the CoinDesk 5's 0.35% gain, and DeFi led sector gains with a 0.81% rise. Derivatives volume jumped 51% to $146 billion over 24 hours, while open interest rose only 1.25% to $141 billion, suggesting traders churned contracts without adding much net exposure. Arbitrum climbed 6.7% to about $0.20 after the Arbitrum Foundation launched a stablecoin growth program, and Pump.fun gained 7.6%. By contrast, ADA's annualized perpetual funding rate is -8%, meaning shorts are paying to stay short.
- Asian stocks tumble, bitcoin retreats as China enters bear market
Asian stocks tumbled as China's CSI 300 slid 2% into a bear market, 20% below its June peak, while Japan's Nikkei 225 fell about 3%, South Korea's Kospi 3.5% and Hong Kong's Hang Seng 3%. Chinese tech shares traded in Hong Kong had their worst session since President Donald Trump's April 2025 “Liberation Day” tariff announcement, and the tech benchmark is more than 40% below its peak, nearly erasing gains from Beijing's Sept. 24 stimulus package. Mixed U.S. third-quarter earnings added to uncertainty over AI investment, with Tesla down about 3% after cutting its capital-spending forecast. Bitcoin slipped toward $82,000, gold fell below $4,100 an ounce, and Brent crude rose above $112 a barrel.
- Bitcoin slides below $82,000 as AI doubts return, with DeFi tokens leading declines
Bitcoin fell as much as 2.9% to below $82,000 after mixed earnings from Tesla and Meta revived doubts over AI spending, sending Nasdaq 100 futures down 1.32% and Asian equities lower. Altcoins dropped harder, with the CoinDesk 80 down 3.2%, the DeFi index sliding 5.6%, and Ether losing 2.6% to near $2,400. Crypto derivatives trading rose 19% to $226.6 billion, but open interest fell 2.46% to $141.8 billion and liquidations jumped 52% to $431.1 million, suggesting traders were mostly closing positions. Open interest rose 12% in gold and 6.29% in crude oil, while altcoin longs such as ZEC, NEAR and UNI were reduced. According to SoSoValue data, spot bitcoin ETFs took in more than $1 billion over the first three days of the week.
- Bitcoin corrects below $82K after Tesla Q3 results, KOSPI falls
Bitcoin reversed a rally toward $85,000 and fell nearly 3% on Thursday after failing to break a resistance trend line near $84,840, dropping back below $82,000. The move followed Tesla's Q3 results, where revenue of $28.05 billion narrowly missed the $28.13 billion estimate, while capital expenditure of $4.73 billion came in far below the projected $7.96 billion, reviving concerns about AI spending. Musk said spending would rise through 2028. South Korea's KOSPI closed down 3.52%, still struggling to recover from last week's low of 5,460 points. Onchain data showed open interest rising 4.5% to $55.95 billion before the reversal, which the article says raises the risk of sharper liquidations, and it flags the $80,000–$81,500 zone as key support.
- Signs Are Growing That Crypto's Altseason Is Right Around the Corner. Here's the 1 Altcoin I'm Buying Right Now.
The article argues that signs of an 'altseason' may be nearing, as Ethereum (ETH) and Solana both outpaced Bitcoin between July 19 and Oct. 19. However, Bitcoin's dominance stood at 58.6% and Ethereum's at 10.4% on Oct. 19, without the classic signal seen in 2021, when Bitcoin dominance fell sharply. The author says a strategy of buying a basket of altcoins and waiting for an altseason is outdated, and that he is buying NEAR Protocol because its fees have funded buybacks since February 2026. NEAR's Q3 2026 fees were $14.4 million, up from $1.4 million a year earlier, and buybacks totaled $3.1 million in Q3, double Q2.
Related markets
Latest news
- Sranan Gold Reports 3-Metre Channel Sample Grading 20.89 g/t Gold at Lawatino's 101 Zone
Sranan Gold Corp. (CSE: SRAN) reported additional high-grade gold assays from ongoing trenching and channel sampling at the 101 Zone on its 18,468-hectare Lawatino Gold Project in southeastern Suriname. A 3-metre channel interval in trench 26LACH-008 graded 20.89 g/t Au, including a 1-metre sample at 55.04 g/t Au, while grab samples returned up to 57.58 g/t Au. The company is mapping a roughly 1.5-kilometre northwest-southeast trend between the 101 and Bodoe Zones ahead of a planned Phase I drill program in early 2027. Management noted that grab samples are selective and may not represent average grades, and that the true widths of the mineralization are not yet known.
- Bristol Myers Squibb vs. Eli Lilly: How Long Can Zepbound and Mounjaro Keep Juicing Revenue Results?
The article compares revenue growth at Bristol Myers Squibb and Eli Lilly. Lilly's growth is driven by GLP-1 drugs: Mounjaro brought in $9.9 billion worldwide in Q2 (up 91% year over year), Zepbound $4.9 billion in U.S. sales, and the oral Foundayo, launched in April 2026, $98 million in its first quarter. Bristol Myers Squibb (BMY) has steadier revenue, with no GLP-1 drug on the market and reliance on Eliquis and Opdivo, and its growth portfolio made up 58% of Q2 revenue. The article notes Bristol Myers Squibb trades at about 9.4 times forward earnings versus almost 25 times for Lilly, and says Lilly's two main products account for nearly two-thirds of quarterly sales, a concentration and pricing risk to its growth. Both companies report third-quarter results on Oct. 29.
- American Airlines expects deeper 2026 loss on pricier fuel despite record revenue
American Airlines now expects to lose between $1 and $1.60 per share on an adjusted basis for the full year, a deeper loss as fuel costs spiked and offset record revenue. In the third quarter it reported an adjusted loss of 28 cents per share versus 35 cents expected by analysts compiled by LSEG, and revenue of $16.34 billion versus $16.22 billion expected. CEO Robert Isom said the company delivered record third-quarter revenue and expects another quarter of record revenue growth to close out the year.
- Replit Expands Government Business Worldwide, Taps Former Amazon Executive to Lead Corporate Affairs
Replit announced an expansion of its government business, saying it is seeing strong adoption by agencies at the national, state and local levels in the U.S. and overseas, including the Middle East. It also appointed Michael Greenwald, a former U.S. Treasury diplomat and AWS executive, as President of Corporate Affairs to accelerate its push into the public sector. Greenwald previously served as Director of Global Executive Relations at AWS and as Managing Director at AlTi Global, and spent nearly a decade at the U.S. Treasury, including as the first U.S. Treasury attaché to Qatar and Kuwait. The company says that once a single department uses Replit, its business doubles after six months and grows 400% over 12 months, and that its platform is used by 85% of Fortune 500 companies.
- Should You Forget ExxonMobil and Buy Cameco Stock Instead?
The article argues that Cameco may be a better buy than ExxonMobil, whose stock has surged over 47% since the start of the year as Brent crude stays above $100 per barrel, while Cameco's stock is down 11%. Exxon trades at 13.3 times forecast earnings, while Cameco's forward P/E is 45, though analysts project Exxon's earnings per share at around $13.23 this year, up 90% from last year. Cameco has contracts for roughly 28 million pounds of yellowcake per year and a large uncommitted volume for 2029 and 2030 that could help it lock in higher prices as uranium demand grows. Bank of America projects spot uranium could reach $130 per pound, and if prices stay near $100, Cameco's average realized price could rise to $80 from $67.79 in Q2, which the article says would lift earnings faster than analysts expect.
- David's Bridal plans to spin off others AI platform Pearl into publicly traded company
David's Bridal plans to spin off its AI platform Pearl into a stand-alone public company valued at roughly $350 million, with the deal expected to close in the first half of 2027. Pearl will own the company's intellectual property and license it back to the chain, while CEO Kelly Cook will lead Pearl after closing. Pearl expects an EBITDA margin above 30% this year and revenue growth of more than 100% in 2027, exceeding $85 million, and is expected to be debt-free with positive free cash flow over the next two years. Cion Investment Corp., which bought the business after David's Bridal's second bankruptcy filing in 2023, has proposed investing $25 million as an anchor investor in the separate company, amid struggling AI stocks and a lackluster consumer IPO market.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.