Hearing Held for Qian Zhimin's 60,000 BTC Case as Blue Sky Ge Rui Joins Rights Dispute

The hearing for Qian Zhimin's 60,000 Bitcoin case will take place over three days from July 7 to 9, 2026. Blue Sky Ge Rui Company has officially joined the Bitcoin rights dispute through a litigation receiver, transforming the case from a two-party confrontation into a three-party competition. The UK prosecution argues that the assets should be reclaimed by the state; Chinese victims assert their rights to the property nature of the Bitcoin, which can be traced back to its significant appreciation; the litigation receiver representing Blue Sky Ge Rui claims that the Bitcoin is substitute property formed after Qian Zhimin misappropriated company funds. The Bitcoin involved in the case was valued at approximately 427,000 yuan each in July this year, a 152-fold increase from the 2,815 yuan cost price when Qian Zhimin purchased them in 2014. If the applicants successfully assert their property rights over the relevant Bitcoin assets, the amount recovered will not be limited to the original investment loss but can also extend to the appreciation gains of the Bitcoin. The litigation receiver representing Blue Sky Ge Rui believes that the Bitcoin in question essentially derives from misappropriated company property, and the company has the right to trace and assert property rights. The Director of the UK Crown Prosecution Service continues to insist that Chinese law should apply, and the leading law firm representing individual victims has proposed four legal arguments: that Bitcoin in the UK should be governed by UK law; that the investment contract was a scam, and upon cancellation, the beneficial rights revert to the victims; that the tracing mechanisms under POCA Sections 305 and 306 should also apply to the victims; and that a hybrid structure should break the binary choice between Chinese and UK law.

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