%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment China's government is moving to seize 61,800 Bitcoin (CRYPTO: $BTC ) that it says was part of a $5.7 billion U.S. fraud. Chinese prosecutors claim that Qian Zhimin, the alleged controller of Tianjin Lantian Gree Electronic Technology, defrauded more than 102,000 investors in the country. The money taken from investors was allegedly used to run fake investment projects and buy Bitcoin rather than fund a legitimate business. Qian fled China in 2017 for the United Kingdom. British authorities have seized his assets, including more than 61,800 BTC worth $5 billion U.S. based on the current market price. China's government is seeking to confiscate the Bitcoin, claiming it as illegal gains. The development comes days after a British court ruled that Chinese law, rather than English law, should govern alleged victims' claims to the 61,000 BTC that has been seized in the U.K. The case is one of China's largest ever crypto frauds and comes as the Asian nation continues to crackdown on digital assets. China has outlawed Bitcoin mining. BTC is trading at $81,800 U.S. on Oct. 22.