The London High Court’s first hearing of the new year has once again put the ownership of 60,000 bitcoins in the spotlight. The UK prosecution continues to advocate for its October 15, 2025 proposal to "set aside certain assets for the collective compensation arrangement of Chinese victims," arguing that this remains the most practical and effective solution.
Meanwhile, the global cryptocurrency market is experiencing intense volatility. The price of Bitcoin fell below $88,000 on January 26, hitting a low of $87,790. Within just 48 hours, the market saw $1.8 billion in liquidations, with 93% coming from long positions.
01 Procedural Disputes and Asset Uncertainty
In the Zhiming Qian case, two separate legal proceedings are underway in the UK: the criminal case, which concluded in November 2025, and the ongoing civil asset recovery process.
The first hearing of the year on January 25 was a typical procedural session, with the central issue being "who will represent the broad group of Chinese victims." Presiding Judge Turner expressed clear concern over the current "proliferation of representatives."
The High Court faces a real challenge: more and more law firms are representing different groups of Chinese victims, making coordination increasingly complex. This situation directly affects the timeline for deciding how the 60,000 bitcoins will ultimately be handled.
02 Civil Asset Recovery and Compensation Plans
The UK prosecution initiated the civil asset recovery procedure under Part V of the Proceeds of Crime Act 2002, aiming to permanently confiscate illicit gains. Within this framework, Chinese victims have only one avenue for relief: filing claims under Section 281 of the Act.
On October 15, 2025, the prosecution proposed an innovative solution—to set aside a portion of assets for a collective compensation arrangement for the large number of Chinese victims.
If the court approves this plan and reserves the asset quota, Chinese and UK law enforcement agencies can later cooperate to transfer the assets to China, where a specific victim compensation program can be implemented.
However, under this approach, Chinese victims hoping for "satisfactory" high compensation driven by years of Bitcoin price surges are unlikely to see those expectations met. The compensation boundaries of the proposal are limited to the actual losses that victims have registered and confirmed with Chinese police.
03 Market Volatility and Asset Value
During the hearing, the global cryptocurrency market was rocked by sharp swings. On January 26, Bitcoin fell to $87,790, marking a new low since December 31, 2025.
This market movement directly impacted the value of the bitcoins involved in the case. Records show that when Zhiming Qian originally purchased Bitcoin, the average cost was very low—just over £300 per coin. Even after the recent drop, Bitcoin’s price remains far above its original purchase cost.
| Time Period | Bitcoin Price/Value | Number of Bitcoins Involved | Estimated Total Value |
|---|---|---|---|
| 2014–2017 (at purchase) | Just over £300/coin | ~70,000 coins | ~£21.1 million |
| 2025 peak | Nearly $98,000 | ~61,000 coins | ~$5.98 billion |
| January 26, 2026 | $87,790 | ~61,000 coins | ~$5.35 billion |
It’s worth noting that the market’s extreme volatility is driven by multiple global macroeconomic pressures. Trump’s tariff threats and turmoil in the Japanese bond market have together triggered a wave of "selling America" trades.
Japan’s 10-year government bond yield surged 19 basis points in just two days—a "six sigma" event that is exceedingly rare in financial markets, with odds of about one in a billion.
04 Cross-Border Cooperation and Asset Repatriation
The Zhiming Qian case has become a model for international judicial cooperation. Close coordination between Chinese and UK law enforcement in evidence exchange and intelligence sharing was key to Qian’s eventual guilty plea.
On October 30, 2025, the Tianjin Hedong District Lantian Gerui case settlement task force issued a notice calling for previously unregistered or unconfirmed investors to complete registration and verification within two months.
This initiative provided crucial data for the UK court to determine the specific amount of assets to be set aside for compensation. In theory, once the UK court rules on the reserved amount, Chinese and UK authorities can coordinate to process the assets, which will ultimately be used by Chinese officials to reimburse victims.
05 Upcoming Key Milestones
According to the hearing schedule, the next session is set for February 16–17. At that time, further arrangements or guidance may be issued regarding how the bankruptcy liquidation process will affect the civil asset recovery case.
Meanwhile, another key figure in the case is also facing pressure to return assets. Sen Hok Ling, the money launderer who assisted Zhiming Qian, has been ordered to pay over $7.6 million within three months or face re-imprisonment and an additional eight-year sentence.
In Hong Kong legal practice, the Gatecoin Limited case established the legal status of cryptocurrency as "property." This precedent is highly relevant for clarifying how crypto assets are handled in bankruptcy proceedings.
Globally, the regulatory landscape is also shifting. Two major U.S. laws passed in 2025—the Stablecoin Act and the Crypto Asset Market Structure Act—have provided the industry with a clearer compliance framework.
Outlook
With Bitcoin now listed at $87,790 on Gate, the value of the assets involved in the case—once close to $98,000 per coin—has significantly declined. The judge’s desk at the UK High Court is stacked with files from lawyers representing various groups of Chinese victims, and the next hearing is scheduled for February 16–17.
At the same time, the global crypto market continues to digest the dual shocks of Japan’s "six sigma" bond market volatility and Trump’s tariff threats. Market liquidation data reveals a harsh reality: more than $1.8 billion in long positions were forcibly closed in just 48 hours, with most losses hitting leveraged traders.
This case is not only a cross-border battle over assets—it has also become a lens for examining how cryptocurrency is positioned within traditional legal frameworks.
