Fun

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

News Feed - 2024-04-12 05:04:11

Ezra Reguerra46 minutes agoFraud victims want China to recover $4.3B worth of Bitcoin seized by UK policeUnited Kingdom authorities found 61,000 BTC when it raided a house rented by money launderers in 2021.294 Total views16 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe victims of an investment fraud scheme facilitated by an electronics company in China are looking to recover $4.3 billion in Bitcoin (BTC) bought with their money with the help of the United Kingdom government.


A group representing the scam victims reportedly submitted a letter to the Ministry of Foreign Affairs of China requesting it to negotiate with the U.K. government to recover the seized Bitcoin. 


The funds were taken through a $6.2-billion investment scheme conducted by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017. 


The group, which also contacted China’s Ministry of Public Security, said it collected almost 2,500 signatures from victims and plans to submit them to both ministries.


The letter calls for the Chinese government to cooperate with the U.K. and provide evidence demonstrating their rightful ownership of the Bitcoin. The letter said:“We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us.”


The U.K. government has not said how it would deal with the Bitcoin seized in the case.


U.K. authorities seized the cryptocurrency after former hospitality worker Jian Wen attempted to launder funds by buying a $30-million mansion with BTC. The purchase failed when Wen could not explain the source of the funds.Image of the property that Wen attempted to purchase. Source: Sky News


This led to an investigation by the authorities, culminating in a raid on a house in 2021. At the time, police found 61,000 BTC in the property rented by Wen and her boss, Zhimin Qian, the suspected mastermind of the investment fraud scheme.


Related:Couple mistakenly sent $10.5M by Crypto.com to face October plea hearing


The BTC was worth $1.7 billion when it was seized in 2021 but is now worth about $4.3 billion as Bitcoin’s price has since risen.


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


Wen was charged with three counts of money laundering between October 2017 and January 2022. While she denied all the charges, Southwark Crown Court found Wen guilty of money laundering on March 20.


Magazine:$308M crypto laundering scheme busted, Hashkey token, Hong Kong CBDC: Asia Express# Bitcoin# Fraud# China# United KingdomAdd reaction

News Feed

Worldcoin beefs up security by open-sourcing biometric data system
Savannah Fortis11 hours agoWorldcoin beefs up security by open-sourcing biometric data systemWorldcoin Foundation open sources a secure multi-party computation (SMPC) system to enhance biometric data protection and confi
Analyst Shares Upper And Lower Targets For XRP Price
Este artículo también está disponible en español. XRP’s price action within the past seven days has been limited to a trading rangeas investors look to recover the
Turner Wright2 hours agoPro-crypto lawmaker stays interim US House Speaker as frontrunner loses first round of votingOhio Representative Jim Jordan, the Republican Party"s nominee for Speaker, won the support of 200 of h
$57 Million In Crypto And Counting: Trump’s World Liberty Connection
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
CFTC Fines Stablecoin Issuer Tether and Crypto Exchange Bitfinex $42.5 Million
CFTC Fines Stablecoin Issuer Tether and Crypto Exchange Bitfinex $42.5 Million On Friday, October 15, 2021, the U.S. Commodity Futures Trading Commission (CFTC) announced that it h
Helen Partz10 hours agoGrayscale files for new Ether futures ETF — OfficialGrayscale Advisors is in the process of becoming registered as a commodity pool operator with the U.S. CFTC for Grayscale’s new Ether futures
Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ‘ATH Are Next’
Este artículo también está disponible en español. Chainlink has showcased its volatility over the past few days, with the price plunging 12% before staging an impressive
640,000 Chainlink (LINK) Withdrawn From Exchanges In 24 Hours – Bullish Accumulation?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin, Ethereum Technical Analysis: BTC Back Above $22,000 as Silicon Valley Bank Depositors Are Rescued
Bitcoin, Ethereum Technical Analysis: BTC Back Above $22,000 as Silicon Valley Bank Depositors Are Rescued Bitcoin moved back above $22,000, as the U.S. Treasury moved to avert a r
Top Next Crypto to Explode 100x as Circle Hit $60B Amidst Investor Frenzy
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
UAE central bank introduces wholesale, retail digital dirham strategy
Derek Andersen7 hours agoUAE central bank introduces wholesale, retail digital dirham strategyThe CBUAE has been active in CBDC research as a member of Project mBridge and has placed CBDC in its overarching fintech trans
Bitcoin Argentina NGO to Take Crypto Education to Schools
Bitcoin Argentina NGO to Take Crypto Education to Schools Bitcoin Argentina, an NGO dedicated to the promotion and expansion of Bitcoin and cryptocurrency in the country, is going