Imagine losing your life savings to a massive investment scam and then seeing the government hold onto billions in Bitcoin that rightfully belongs to you. This isn't just a nightmare; it’s a reality for over 120,000 victims of a fraudulent scheme orchestrated by Zhimin Qian, who recently pleaded guilty in a U.K. court.

The U.K. government is now embroiled in a contentious legal battle, aiming to keep the £5 billion ($7 billion) in Bitcoin it seized in 2018. Zhimin Qian was at the helm of an elaborate investment fraud that ran rampant between 2014 and 2017, converting the stolen funds into Bitcoin while leaving countless individuals in financial ruin.

As if this situation wasn’t already high-stakes enough, victims have initiated civil proceedings to reclaim their losses, with the first hearing scheduled for January. While legal experts assert that these victims are entitled to compensation under English law, there is a catch: they might only get back what they lost at the time, not the current soaring value of the cryptocurrency.

In a courtroom drama worthy of a movie, the Crown Prosecution Service is pushing for civil recovery proceedings at the U.K. High Court. This legal soap opera raises the question of whether the victims will see even a fraction of their losses returned. Ashley Fairbrother, a partner at Edmonds Marshall McMahon, notes the complexity of the case, stating, “I am not sure that English Law is on the U.K. government’s side here on whether it can keep the seized Bitcoin.”

Qian’s fraudulent operation strikes a chord with many, especially as some victims are elderly and vulnerable, having lost their entire life savings. William Glover and Stephen Cartwright, attorneys for the victims, emphasize that many have been waiting nearly a decade to recover their stolen wealth. “They are entitled to recover their property from the Bitcoin frozen in this jurisdiction,” they declared.

However, the legal battle doesn’t just revolve around who gets the Bitcoin. If the U.K. government retains the funds, they face a crucial decision: should they sell the Bitcoin for a quick financial fix or hold it, risking a repeat of their notorious gold sale in 1999 when prices were low?

The future of these assets remains uncertain, but one thing is clear—this saga is far from over.