U.K. Court Rules Chinese Law Must Decide Ownership of 61,000 Seized Bitcoin
Summary
- The High Court in London ruled that Chinese law should apply in the ownership dispute over 61,000 seized Bitcoin.
- The ruling did not determine the Bitcoin's final ownership, and the court will later consider whether the victims' claims should be recognized under Chinese law.
- More than 128,000 people were reported to have been affected, and the victims plan to appeal the ruling.
Forecast Trend Report by Period
A U.K. court has ruled that Chinese law should apply in an ownership dispute over 61,000 Bitcoin, worth about $4.9 billion, that victims of an investment scam are seeking to recover.
Cointelegraph reported on October 13 that the High Court in London found Chinese law, rather than English law, should govern the Bitcoin ownership lawsuit brought by victims of the fraud. The court said the victims lost their money in China and the relevant contractual relationships were also formed there.
The case stems from a large-scale investment scam in China between 2014 and 2017. U.K. authorities seized the 61,000 Bitcoin during a money-laundering investigation, and the victims have asserted direct ownership of the assets.
The ruling does not determine the Bitcoin's ultimate ownership. The court will next consider under Chinese law whether the victims' ownership claims should be recognized. The victims plan to appeal.
More than 128,000 people are reported to have been affected by the fraud.
Bloomingbit Newsroom
news@bloomingbit.ioFor news reports, news@bloomingbit.io