Fraud Victims Urge China to Recoup $4.3B Worth of Bitcoin Seized by UK
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The fraud victims seek the 61,000 Bitcoin seized by the UK authorities following a raid in house sheltering money launderers. 

In partnership with the United Kingdom (UK) government, victims of an investment fraud plot executed by a Chinese electronics firm seek to recoup $4.3B in Bitcoin purchased with their funds. 

Fraud Victims Pursue Seized Bitcoin

The victims’ representative group allegedly submitted a letter to the Ministry of Foreign Affairs in China, petitioning it to negotiate with the United Kingdom government to recoup the seized Bitcoin. 

The funds were acquired via a $6.2B investment plan between 2014 and 2017. This scheme was executed by the Tianjin Lantian Gerui Electronic Technology, which contacted China’s Ministry of Public Security. 

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The group claimed it amassed nearly 2500 signatures from victims and intends to provide them to the two ministries. 

According to the letter, the Chinese government should partner with the United Kingdom government and offer proof of their legal Bitcoin ownership. Specifically, the victims note that they do not desire and will never accept a situation that involves the United Kingdom seizing Bitcoin and failing to return it.

United Kingdom authorities confiscated the cryptocurrency after Jian Wen, an ex-hospitality employee, tried laundering funds by purchasing a $30M mansion using Bitcoin. The purchase was unsuccessful after Wen failed to reveal how he acquired the funds. The situation resulted in a probe by authorities, leading to a raid on a house in 2021. 

Law enforcement officers found 61,000 Bitcoin on the property, let by Wen and Zhimin Qian, her superior. Qian is also the alleged brains behind the investment fraud plot.

UK Seizes $3.4B Bitcoin Following Suspect Conviction

The Bitcoin was worth $1.7B when it was seized, while its current worth is approximately $4.3B since its price has increased. Previously, Wen alleged that the Bitcoin had been mined. However, she changed her story, claiming it was a present from Qian, who had left the UK. 

She was charged with three counts of money laundering from October 2017 to January 2022. Despite denying the charges, she was found guilty of money laundering in March 2020. 

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Michael Scott

By Michael Scott

Michael Scott is a skilled and seasoned news writer with a talent for crafting compelling stories. He is known for his attention to detail, clarity of expression, and ability to engage his readers with his writing.

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