UK Police Confiscate $1.8B in Bitcoin from Chinese Investment Scam

• UK Police Seize $1.78 Billion Worth of Bitcoin from Chinese Fraud Operation
• Details of the Seizure
• Investment Scheme Unveiled
• Charges against Jian Wen
• A Related Seizure: Bitcoin in German Piracy Sting

UK Police Seize $1.78 Billion Worth of Bitcoin from Chinese Fraud Operation

In a move reported by the Financial Times, UK law enforcement has confiscated Bitcoin$42,260 -0.64% (BTC) equating to 1.4 billion pounds ($1.78 billion) from a fraudulent investment scheme originating in China. The operation is said to have involved Jian Wen, who stands accused of processing bitcoin transactions for her previous employer.

Details of the Seizure

The allegations were brought to light during the ongoing court trial of Wen at a London court. The case revolves around her former employer, Yadi Zhang, who is also known by the name Zhimin Qian. The UK authorities seized four devices in 2018 that contained over 61,000 BTC, equivalent to 1.4 billion pounds when all were eventually retrieved in July 2021.

Investment Scheme Unveiled

It is believed that Zhang embezzled approximately 5 billion pounds from more than 128,000 investors. The stolen money was subsequently converted into Bitcoin. However, Zhang has since disappeared and is currently at large, as reported by the Southwark Crown$0.0030 15.11% Court in London.

Charges against Jian Wen

Wen, who has denied the charges, is currently on trial for her alleged part in aiding the conversion of Zhang's Bitcoin into various assets. These include cash, real estate, jewelry, and other luxury items. In addition, it has been disclosed that she attempted to purchase a property in London in 2018 for 12.5 million pounds. However, the transaction fell through as the law firm handling the purchase was unable to verify the source of the Bitcoin.

A Related Seizure: Bitcoin in German Piracy Sting

Other notable Bitcoin seizures have occurred recently. For instance, German police confiscated Bitcoin valued at $2.1 billion in a piracy-focused operation.

Edited by Jonathan Stoker