UK High Court rules Chinese law governs claims over $5 billion in seized bitcoin — 2026-10-13

## Short Segments Ledger confirms a hardware implant in CryptoBilis reseller units, prompting MediaMarkt to suspend sales in Europe. In a significant security breach, Ledger has identified unauthorized hardware implants in devices sold by CryptoBilis, a Southeast Asian reseller. These implants are designed to steal recovery phrases, posing a serious risk to users' cryptocurrency holdings. As a result, MediaMarkt, a major European electronics retailer, has halted sales of Ledger products both in-store and online. This move underscores the critical importance of supply chain security in the crypto hardware market. For Ledger, the challenge now is to reassure customers and restore trust, while MediaMarkt's decision highlights the broader implications for retailers handling sensitive tech products. As investigations continue, the focus will be on preventing further breaches and ensuring the integrity of crypto storage solutions. ## Feature Story The UK High Court's ruling that Chinese law governs claims over $5 billion in seized bitcoin leaves ownership in limbo. This decision stems from a case involving 61,000 bitcoins seized in Britain's largest cryptocurrency money-laundering case, linked to fraudster Zhimin Qian. Chinese victims, numbering around 16,000, had hoped English law would apply, as it was perceived to be more favorable for proving ownership of the bitcoins. However, Justice Mark Turner ruled that Chinese law will govern the claims, a decision that could limit victims to recovering only their principal and interest, rather than a share of the bitcoins themselves. The ruling is a setback for the victims, who now face the challenge of navigating Chinese legal standards to assert their claims. Lawyers for the victims have indicated plans to appeal, but the content of Chinese law and its application to these claims remain to be determined. This case highlights the complexities of cross-border legal disputes in the cryptocurrency space, where jurisdictional issues can significantly impact outcomes. For the UK government, the ruling potentially increases the likelihood of retaining the seized bitcoins, unless the appeal alters the legal landscape. As the case progresses, it will be crucial to monitor how Chinese law is interpreted and applied, and whether the appeal can shift the balance in favor of the victims. This development underscores the need for clear international legal frameworks to address the unique challenges posed by digital assets and cross-border financial crimes. For now, the fate of the 61,000 bitcoins remains uncertain, with significant implications for the victims, the UK government, and the broader crypto legal landscape.