⚖️ UK Court Rules Chinese Law Governs $5B Bitcoin Seizure Claims
A UK High Court judge has ruled that Chinese law — not English law — will govern fraud victims' claims over 61,000 BTC seized from Zhimin Qian, significantly boosting the UK government's chances of retaining the haul.
Qian pleaded guilty to defrauding thousands of people in China. The Metropolitan Police seized the 61,000 BTC, currently valued at around $5 billion, as part of that investigation. The ruling is a blow to claimants seeking to recover funds, as applying Chinese law is seen as a higher legal bar for establishing ownership rights.
The court has not yet made a final decision on who owns the bitcoin — the ruling only determines which legal framework applies to the claims. The case is one of the largest cryptocurrency seizures ever handled by UK law enforcement.
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Solana treasury firm SkyAI has liquidated approximately 1 million SOL — half of its total crypto reserves — to fund a cash tender offer worth up to $201 million.
The buyback targets 95% of the company's outstanding shares and warrants at $3 per security. The offer carries an expected condition that SOL's closing price remains above $100 during the offer period.
The move marks a notable shift for a Solana-focused treasury firm, converting a large portion of its on-chain holdings into a shareholder return mechanism rather than accumulating further exposure.
🔐 UK Freezes $12M Penthouse Tied to $14B Bitcoin Scam
UK authorities have frozen a $12 million London penthouse belonging to Thet Li, accused of serving as the finance chief of the Prince Group — a scam operation linked to $14 billion in Bitcoin that U.S. authorities have moved to seize.
Li is alleged to have managed the financial operations of the fraud empire. The asset freeze marks a cross-border enforcement action, with both UK and U.S. agencies involved in pursuing individuals and property connected to the scheme.
The case highlights growing international coordination in tracking and seizing crypto-linked criminal assets at scale.
🏦 South Korea's First Bitcoin-Backed Bank Loans Go Live
Jeonbuk Bank has become the first South Korean lender to offer won-denominated loans backed by Bitcoin collateral, marking a significant step in the country's crypto-finance integration.
The program is currently limited to corporate clients using their Bitcoin holdings to secure business financing. The bank has indicated it may expand the offering depending on regulatory developments and market demand.
The move signals growing institutional appetite for crypto-backed credit products in South Korea, where banks have historically maintained strict distance from digital assets.
🔐 Malaysian Man Loses $3M in Suspected Wallet Hack
A Malaysian man has reported losing approximately $3.05 million in cryptocurrency following unauthorized transfers from his wallet, according to local reports. Police have opened an investigation into the incident.
Authorities are actively tracing the stolen funds and are treating the case as fraud. No further details on the wallet type, assets involved, or how access was gained have been confirmed publicly.
The case is a reminder that wallet security remains a critical vulnerability in crypto — users should verify their seed phrase storage and enable all available access controls.