Fraud victims want China to recover $4.3B worth of Bitcoin seized by UK police

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United Kingdom authorities recovered 61,000 BTC erstwhile they raided a location rented by wealth launderers successful 2021.

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Fraud victims privation  China to retrieve  $4.3B worthy  of Bitcoin seized by UK police

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The victims of an concern fraud strategy facilitated by an electronics institution successful China are looking to retrieve $4.3 cardinal successful Bitcoin (BTC) bought with their wealth with the assistance of the United Kingdom government.

A radical representing the scam victims reportedly submitted a missive to the Ministry of Foreign Affairs of China requesting it to negociate with the U.K. authorities to retrieve the seized Bitcoin. 

The funds were taken done a $6.2-billion concern strategy conducted by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017. 

The group, which besides contacted China’s Ministry of Public Security, said it collected astir 2,500 signatures from victims and plans to taxable them to some ministries.

The missive calls for the Chinese authorities to cooperate with the U.K. and supply grounds demonstrating their rightful ownership of the Bitcoin. The missive said:

“We bash not want, and volition ne'er accept, a concern wherever Bitcoins are confiscated by the UK and not returned to us.”

The U.K. authorities has not said however it would woody with the Bitcoin seized successful the case.

U.K. authorities seized the cryptocurrency aft erstwhile hospitality idiosyncratic Jian Wen attempted to launder funds by buying a $30-million mansion with BTC. The acquisition failed erstwhile Wen could not explicate the root of the funds.

Image of the spot that Wen attempted to purchase. Source: Sky News

This led to an probe by the authorities, culminating successful a raid connected a location successful 2021. At the time, constabulary recovered 61,000 BTC successful the spot rented by Wen and her boss, Zhimin Qian, the suspected mastermind of the concern fraud scheme.

Related: Couple mistakenly sent $10.5M by to look October plea hearing

The BTC was worthy $1.7 cardinal erstwhile it was seized successful 2021 but is present worthy astir $4.3 cardinal arsenic Bitcoin’s terms has since risen.

Wen initially claimed that the Bitcoin had been mined but yet changed her story, saying it was a “love present” from Qian, who had fled the United Kingdom.

Wen was charged with 3 counts of wealth laundering betwixt October 2017 and January 2022. While she denied each the charges, Southwark Crown Court found Wen blameworthy of wealth laundering connected March 20.

Magazine: $308M crypto laundering strategy busted, Hashkey token, Hong Kong CBDC: Asia Express

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