Search results for UK High Court
Crypto
UK High Court applies Chinese law to ownership of seized 61,000 bitcoins
A British court has decided to apply Chinese law to a dispute over ownership of about 61,000 bitcoins seized in connection with a large investment fraud in China. The ruling means victims seeking the assets must prove property rights under Chinese law, complicating the return process. The decision was made in civil asset recovery proceedings separate from the criminal case, with about 16,000 Chinese victims involved.
Crypto
Satsuma Technology to sell all bitcoin and move toward delisting
UK-listed Satsuma Technology confirmed a process to return about 30.72 million pounds in cash to shareholders after selling all 669.4867 bitcoin it held. A court approved the cancellation of 11.24 billion class B shares and the related capital reduction, enabling payouts of 30,718,881.43 pounds, or 0.002734 pounds per B share. Delisting from the London market is scheduled to proceed as planned.
Crypto
UK bitcoin treasury firm Satsuma sells all BTC, moves toward delisting
UK bitcoin treasury firm Satsuma Technology will sell all 668 bitcoin it holds and wind down the business, less than a year after adopting bitcoin holdings as a core strategy. Shareholders approved the sale and a London Stock Exchange delisting with more than 90 percent support. After selling about $43.5 million of bitcoin, the company plans to refund remaining funds via a UK “B share scheme”, projecting payouts of 26.8 million to 30.0 million pounds after costs.