China Seeks to Confiscate $5 Billion in Bitcoin From Fraudster

• Chinese authorities aim to confiscate nearly 62,000 bitcoins worth around $5 billion.
• The bitcoins are linked to Qian Zhimin, alleged controller of Tianjin Lantian Gerui Electronic Technology.
• Qian Zhimin fled to the UK, leading to a parallel legal battle over the bitcoins.
• A Tianjin court will hear the application after a six-month notice period.
• The case involves one of China's largest-ever fraud cases.