UK Police Seize 61,000 Bitcoins From Huge Chinese Investment Fraud

The U.K. Metropolitan Police person reportedly seized much than 61,000 bitcoins from a monolithic Chinese concern fraud. A British national is accused of laundering bitcoin for a Chinese fugitive who allegedly stole astir $6.4 cardinal from much than 128,000 investors.

British Police Seize Over 61,000 Bitcoins

The U.K. Metropolitan Police person seized much than 61,000 bitcoins from a monolithic concern fraud successful China, marking 1 of the largest cryptocurrency seizures globally, the Financial Times reported Tuesday.

The bitcoin seizure accusation was disclosed during a proceedings of 42-year-old Jian Wen, who is accused of laundering bitcoin for her erstwhile employer, Zhimin Qian (also known arsenic Yadi Zhang), an alleged fugitive from China. Wen moved to the U.K. successful 2007 from China and became a British national successful 2018.

At the commencement of the proceedings astatine Southwark Crown Court connected Monday, the prosecution informed the assemblage that the seized BTC originated from an concern fraud conducted by Zhang successful China betwixt 2014 and 2017. The U.K. constabulary seized 4 abstracted devices containing much than 61,000 bitcoins from a information deposit container and a residence shared by Wen and Zhang successful 2018. The seized bitcoin was valued astatine astir $1.8 cardinal successful July 2021 erstwhile the constabulary recovered the coins. It has appreciated to $2.6 billion, based connected today’s terms of $43,049 per BTC.

Zhang allegedly stole $6.4 cardinal from implicit 128,000 investors and converted the wealth into BTC. Prosecutors accidental she entered London successful 2017 utilizing a mendacious identity, but has since fled the U.K. and remains astatine large.

While pleading not blameworthy to engagement successful the underlying fraud, Wen is accused of knowingly aiding the conversion of Zhang’s bitcoin into cash, jewelry, luxury items, and property. Gillian Jones KC, counsel for the Crown Prosecution Service, was quoted by the Financial Times arsenic saying:

Ms. Wen had been trusted not lone with copies of the passwords and passphrases to entree the laptops [containing the bitcoin] but with entree to wherever the laptops were being stored.

This week, the Saxony authorities constabulary successful Germany besides revealed that astir 50,000 bitcoins person been seized successful a lawsuit they described arsenic “the most extended seizure of bitcoins by instrumentality enforcement authorities successful the Federal Republic of Germany to date.”

What bash you deliberation astir the U.K. constabulary seizing 61,000 bitcoins from a monolithic fraud successful China? Let america cognize successful the comments conception below.