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Qian Zhiming's 40 billion illegal fundraising case update: the prosecution has applied to confiscate over 61,800 bitcoins and other assets, and the court has accepted the case

According to a report by The Paper, the case of Qian Zhimin, involving over 40 billion yuan in illegal fundraising and more than 60,000 bitcoins, has seen new developments in domestic judicial procedures. The Tianjin Second Intermediate People's Court announced that it has accepted the Tianjin People's Procuratorate Second Branch's application to confiscate the illegal gains of the suspect Qian Zhimin as of September 28.According to the property confiscation list published by the Tianjin Second Intermediate Court, in addition to bitcoins, the involved virtual currencies also include 72,745.79502 bitcoins cash, 72,745.78555 bitcoins gold, 72,745.7845 bitcoins Satoshi Vision, 3,605,989.9995 ripples, and 70,081,208.62553222 dogecoins (which have been converted and deposited into an interest-bearing account by British judicial authorities). Additionally, the confiscated assets also include cash in US dollars, euros, and British pounds, jewelry, as well as bank balances and investment portfolios.The Tianjin People's Procuratorate Second Branch believes that Qian Zhimin is suspected of fundraising fraud, and after fleeing, he has been wanted for a year without appearing in court. There is evidence proving that over 61,800 bitcoins and other assets seized in the UK belong to illegal gains and their proceeds, and should be recovered along with the transformed and converted properties and proceeds, except for those legally returned to the harmed fundraising participants, which should be confiscated.

first_img Binance VIP Head: Traditional hedge funds are actively exploring arbitrage opportunities on cryptocurrency platforms

Catherine Chen, the head of VIP and institutional business at Binance, stated in an interview with The Block during Token2049 that traditional hedge funds, which previously took a wait-and-see approach, are now showing a stronger interest due to the emergence of arbitrage opportunities related to traditional financial instruments such as cash stocks and perpetual contracts on crypto platforms.She pointed out that the improvement in market depth, combined with 24/7 trading and weekend price discovery mechanisms, makes these opportunities more realistic. She also mentioned that when the same tools are offered on second- and third-tier platforms or in DeFi venues, liquidity often falls short of hedge funds' needs. However, she emphasized that this process is still in its early stages and does not expect a surge in capital inflows overnight, with the next 12 to 18 months being worth close attention.Similar changes are happening on the other side of the market. Chen indicated that their crypto-native clients are incorporating more tools linked to traditional financial products to build hybrid investment portfolios. The data she cited showed that the scale of Binance's cash stock assets has increased from about $800 million to $900 million to $1.4 billion, while the trading volume of traditional financial perpetual contracts has risen from about $20 billion to $30 billion per month when launched at the beginning of this year to about $400 billion every 30 days. She believes that tokenization and cross-asset trading are still in their early stages, and regulatory clarity will determine the ultimate integration of traditional and crypto trading more than the product offerings of a single platform.

first_img The funding gap for Bitcoin mining companies is about 50 billion USD, and the borrowing costs for IREN and others are diverging

According to the Miner Weekly briefing published by BlocksBridge Consulting, Bitcoin mining companies expanding into the fields of artificial intelligence and high-performance computing are facing significantly different borrowing costs, with lenders increasingly scrutinizing large data center projects. The briefing points out that securing large AI clients is only part of the challenge; mining companies also need to raise billions of dollars to purchase computing power equipment, build data centers, and ensure the power infrastructure required for contract fulfillment. BlocksBridge indicates that large lending institutions have become more selective about data center loans, with decisions increasingly depending on client qualifications, contract terms, and project completion paths.The transition from Bitcoin mining to AI infrastructure by IREN reflects the differences in financing costs: the company secured $3.65 billion in GPU financing in June at a blended interest rate of 6%; in August, it completed another $2.4 billion financing with a fixed interest rate of 9%. The two agreements correspond to different projects and are not directly comparable, but they show that even within the same company, borrowing costs can vary significantly. Financing arrangements may also incur costs beyond interest; in another transaction involving Cipher Digital, Google guaranteed a $1.4 billion lease obligation in exchange for warrants representing a 5.4% equity stake in Cipher, with exercising the warrants potentially diluting existing shareholder equity.The rise in financing demand highlights the overall challenges mining companies face in entering the AI market. Data from VanEck shows that during the peak of the Bitcoin bull market in October last year, mining company debt surged by approximately 500% compared to the second quarter of 2024.

first_img Multiple tactile sensor companies are intensively raising funds, and Pacini has initiated its IPO counseling

In 2025, there were approximately 20 financing rounds in the domestic tactile sensor sector, with a total disclosed amount nearing 1.8 billion yuan. According to data from the Financial Association, in the first seven months of 2026, there were 15 financing rounds completed in the humanoid robot sensor field, totaling 3.1 billion yuan, with July alone accounting for 1.56 billion yuan. Related estimates indicate that the global tactile sensor market size will be around 6 billion yuan in 2026 and approximately 29 billion yuan in 2030.The tactile sensor company, PaxiNi, was founded by Xu Jincheng and Nie Xiangru in June 2021 in Shenzhen, with the Hall array sensor PX-6AX GEN3 starting at a price of 199 yuan. The company completed over 1 billion yuan in Series B financing in March, with a valuation exceeding 10 billion yuan, followed by 1 billion yuan in strategic financing in August and several hundred million yuan in B++ financing in September, accumulating over 4 billion yuan in total financing, with BYD as the largest external shareholder. On September 20, PaxiNi completed its counseling filing with the Beijing Securities Regulatory Bureau, with Guotai Junan as the counseling institution.The tactile perception chip company, Tashan Technology, was founded by Ma Yang, Sun Tengchen, and Yang Wuqiang in December 2017, with revenue exceeding 100 million yuan in 2024, and was listed by NVIDIA as the world's first tactile simulation partner for Isaac Sim. Qianjue Robotics was founded by Ma Daolin in May 2024, with Hillhouse Capital having led the angel round, and in September of this year, it completed two rounds of strategic financing totaling several hundred million yuan. Companies such as Daimeng, Weitai, Xiangmuguo, Yimu Technology, and Lingxin Qiaoshou also secured new financing or advanced higher valuation financing in 2026.
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