On June 5, the High Court in the UK held a procedural hearing regarding assets disposal related to the Qian Zhimin case. About 16,000 Chinese victims completed registration, participating in the recovery of assets such as approximately 60,000 bitcoins under the civil recovery procedures under the UK’s Proceeds of Crime Act. The main issue of this hearing was the allocation of litigation costs among different law firms, with a dedicated hearing scheduled in July to determine the “issue of applicable law” on whether Chinese victims can claim entitlement to the assets in question.
Procedural outcome of this hearing and the next schedule
Procedural facts confirmed by the High Court in the UK at the June 5 hearing:
Lawyer fee allocation method: each law firm bears costs in proportion to the number of victims it represents
Deposit deadline: 4:00 p.m. on June 26, 2026; each law firm must deposit its corresponding share out of £190,000 into the court account
Next hearing: in July 2026, a dedicated hearing on “issue of applicable law” (whether Chinese victims can assert the ownership of the assets at issue under the law) will be held
Victim registration deadline: the registration window closed on May 22, 2026, and about 16,000 Chinese victims have completed registration
Key data from the FBI IC3 on crypto scams in 2025
Confirmed figures from the FBI Internet Crime Complaint Center (IC3) in its “2025 Annual Report”:
Total losses from crypto scams: $11.366 billion (up 22% year over year)
Total number of crypto-related complaints: 181,565 cases (up 21% year over year, a record)
Average loss per complaint: $62,604
Losses from crypto investment scams: $7.2 billion (the largest single source of loss for Americans in 2025)
Victim funds in Ponzi/pyramid schemes: $6.1 billion (up 49% year over year)
Early 2026 crypto scam trend data
Scam Sniffer data: losses from signature-based phishing in January 2026 surged 207% compared with December 2025, involving 4,741 victims, with losses of $6.27 million; only 2 victims accounted for 65% of all phishing losses in that month (safety researchers call it “whale hunting”).
APWG data: phishing attacks in Q1 2026 reached 971,181 (up 13.8% from Q4 2025). In the first four months of 2026, the U.S. Department of Justice Fraud Center task force recovered about $580 million in cryptocurrency; as of April 23, authorities additionally seized $701.96 million in funds related to money laundering and shut down 503 fake investment websites.
FAQ
What is the next procedure in the Qian Zhimin case at the UK High Court?
According to a Caixin report, the June 5 procedural hearing confirmed two upcoming milestones: June 26, 2026 at 4:00 p.m. is the deposit deadline for each law firm; in July 2026, a dedicated hearing on “issue of applicable law” will be held to determine whether Chinese victims can assert entitlement to the assets in question.
What is the legal basis for Chinese victims to participate in the UK recovery process?
This recovery is carried out under the civil recovery procedures under the UK’s Proceeds of Crime Act (POCA). Victims registered through multiple UK law firms; the registration window closed on May 22, 2026, and currently about 16,000 Chinese victims have completed registration.
#### What is the most authoritative data source for global crypto scam losses in 2025?
The FBI IC3’s “2025 Annual Report” is the most official U.S. government data source on crypto scam losses. The report confirms that 2025 losses reached $11.366 billion and that 181,565 complaints were received. Chainalysis also estimates that on-chain scam losses in 2025 were at least $14.0 billion, and TRM Labs’ estimate of 2025 illegal crypto transaction volume is $158.0 billion.
