U.K. police said to seize $1.8B of bitcoin from China investment scam (BTC-USD)

01/31/2024 23:29
U.K. police said to seize $1.8B of bitcoin from China investment scam (BTC-USD)

U.K. police seized over $1.78B worth of bitcoin in a major China-based investment fraud case.

Bitcoin real coins over chinese flag fabric

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U.K. police have seized over 1.4B pounds ($1.78B) worth of bitcoin (BTC-USD) from a significant investment fraud in China that spanned three years into 2017, according to a recent media report.

The disclosure was made in a London court as part of the ongoing trial of Jian Wen, who allegedly laundered bitcoin (BTC-USD) on behalf of her former employer, Yadi Zhang.

In 2018, police in the U.K. seized four devices that contained over 61K bitcoin (BTC-USD), the value of which was 1.4B pounds by the time all of the tokens were recovered in July 2021, the Financial Times reported.

Zhang, whose real name is Zhimin Qian, was said to have stolen some 5B pounds from over 128K investors. From there, she converted the money into bitcoin (BTC-USD), and has since fled the U.K.

Wen is on trial for knowingly helping to convert some of Zhang's bitcoin (BTC-USD) into cash, as well as property and other luxury items, the FT noted. Wen has pleaded not guilty.

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