A legal battle between China and the U.K. over $5 billion in Bitcoin has taken a new turn. The U.K. High Court granted permission for roughly 16,000 Chinese victims of an illegal fundraising scheme to appeal a ruling that Chinese law governs their claims to over 60,000 bitcoins seized in the U.K.
The court's decision came just four days after its initial ruling. The outcome of this appeal could significantly impact whether the victims are limited to claims for repayment of their principal and interest under Chinese law or can claim property rights over the bitcoins and their appreciation under U.K. law.
The seized bitcoins are valued at approximately $5 billion, making this case one of the largest cryptocurrency-related legal disputes to date.