The British High Court ruled that China law was applicable to more than 61,000 bitcoin-related ownership claims in the Qian Zhimin case, involving approximately £ 4.1 billion in funds

According to the National Archives of the United Kingdom, the British High Court issued a ruling on October 12 in the "Blue Sky Gray Case", which was announced on October 13. The court found that China law, not British law, should apply to Bitcoin property claims filed by China investors. The case involves more than 61,000 bitcoins, which constitute an important part of the billions of pounds of criminal assets recovered by British law enforcement agencies. The investment scam involved was implemented between 2014 and 2017, with a total amount of approximately 40.228 billion yuan (equivalent to 4.1 billion pounds), which was used to purchase assets such as bitcoins, which were subsequently transferred to the UK. In 2018, British police seized relevant equipment and some access keys, and subsequent asset recoveries included the above-mentioned amount of bitcoins. The court pointed out that China is the main location of the investor, the place where the misrepresentation occurred, the place where the funds were paid, and the place where Bitcoin was originally purchased, so relevant property rights should be determined in accordance with China law. At the same time, the court rejected the investor's appeal to invoke British law and asset tracking rules to claim his rights. It should be specially noted that this ruling only determines the application of the law and does not make a final ruling on whether the investor owns the bitcoin and asset allocation plan involved in the case. The identification of relevant specific rights and evidence review still need to continue.