Chinese crypto scam victims face uphill battle after record $7bn seizure

Accused con artist Qian Zhimin unexpectedly pleaded guilty in UK court

20251010 Zhimin Qian aka Yadi Zhang

Qian Zhimin, a 47-year-old accused of masterminding a bitcoin investment scam in China, pleaded guilty in London to two charges related to money laundering using cryptocurrencies. (Metropolitan Police, Reuters, Getty Images) 

LORRETTA CHEN

HONG KONG -- Hundreds of thousands of Chinese victims caught in a bitcoin Ponzi scheme likely face years of legal battles to recover their losses, due to challenges in linking their claims with 61,000 bitcoins seized by the U.K. government.

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