...
  • bitcoinBitcoin (BTC) $ 68,611.00
  • ethereumEthereum (ETH) $ 3,719.53
  • bnbBNB (BNB) $ 600.02
  • solanaSolana (SOL) $ 166.96
  • xrpXRP (XRP) $ 0.534603
  • dogecoinDogecoin (DOGE) $ 0.163583
  • cardanoCardano (ADA) $ 0.458913
  • avalanche-2Avalanche (AVAX) $ 37.97
  • shiba-inuShiba Inu (SHIB) $ 0.000024
  • tronTRON (TRX) $ 0.115484
  • chainlinkChainlink (LINK) $ 17.12
  • polkadotPolkadot (DOT) $ 7.24
  • bitcoin-cashBitcoin Cash (BCH) $ 495.12
  • uniswapUniswap (UNI) $ 10.32
  • matic-networkPolygon (MATIC) $ 0.722360
  • litecoinLitecoin (LTC) $ 84.77
  • bitcoinBitcoin (BTC) $ 68,611.00
  • ethereumEthereum (ETH) $ 3,719.53
  • bnbBNB (BNB) $ 600.02
  • solanaSolana (SOL) $ 166.96
  • xrpXRP (XRP) $ 0.534603
  • dogecoinDogecoin (DOGE) $ 0.163583
  • cardanoCardano (ADA) $ 0.458913
  • avalanche-2Avalanche (AVAX) $ 37.97
  • shiba-inuShiba Inu (SHIB) $ 0.000024
  • tronTRON (TRX) $ 0.115484
  • chainlinkChainlink (LINK) $ 17.12
  • polkadotPolkadot (DOT) $ 7.24
  • bitcoin-cashBitcoin Cash (BCH) $ 495.12
  • uniswapUniswap (UNI) $ 10.32
  • matic-networkPolygon (MATIC) $ 0.722360
  • litecoinLitecoin (LTC) $ 84.77

UK Authorities Seize $1.7 Billion in Bitcoin Linked to Chinese Scam

Chinese Bitcoin Scam

In a significant development, British authorities have disclosed one of the largest cryptocurrency seizures in history, revealing the confiscation of over $1.7 billion worth of bitcoin linked to a Chinese investment scam. The digital assets, comprising 61,000 bitcoins, were seized in 2018 from devices stored in a safe deposit box belonging to Chinese national Jian Wen, who is currently on trial in London for money laundering charges. Wen allegedly assisted her employer, accused of defrauding over 100,000 investors in China between 2014 and 2017, in laundering bitcoin. The employer, Chinese businessman Zhimin Qian, remains at large in China.

The 61,000 bitcoins originated from a fraudulent investment platform run by Qian, which reportedly amassed around $6 billion from victims. London prosecutors claim that Wen played a role in converting the illicit crypto funds into cash and other assets, including luxury items. The details of the 2018 Bitcoin seizure were recently disclosed during Wen’s trial, where a note found by police quoted her expressing concerns about potential consequences if the Bitcoin code was deciphered.

At current market prices, the confiscated bitcoin is valued at nearly $1.7 billion, marking one of the largest law enforcement seizures of cryptocurrency globally. Wen was arrested in 2021 when authorities managed to access the Bitcoin wallets, but the methods employed to obtain encrypted devices and private keys remain unclear.

Wen denies the money laundering accusations, asserting that she received 3,000 bitcoins from Qian as a gift for translation services. This incident underscores the vulnerability of cryptocurrencies to fraudulent activities and highlights the challenges faced by law enforcement agencies in regulating the crypto space.

As the adoption of crypto assets increases, global regulators are intensifying oversight of exchanges and implementing stricter anti-money laundering rules. However, the decentralized and pseudonymous nature of cryptocurrencies continues to present opportunities for large-scale scams and fraud, attracting attention from law enforcement agencies worldwide.

More from the space...

Bitcoin Buzz in the Middle East: Qatar’s Potential Mining Venture and Bukele’s Bitcoin Diplomacy with Mexico’s UAE Ambassador

Bitcoin Buzz in the Middle East: Qatar’s Potential Mining Venture…

The Middle East is buzzing with excitement over Bitcoin, with intriguing developments hinting at major…

Bitcoin Surges to $57,000 as Institutional Interest Grows

Bitcoin Surges to $57,000 as Institutional Interest Grows

Bitcoin soared to a two-year peak, exceeding $57,000, driven by signs of substantial institutional involvement,…

Bitcoin Price to Cross $150,000 This Year, Forecasts Fundstrat’s Tom Lee

Bitcoin Price to Cross $150,000 This Year, Forecasts Fundstrat’s Tom…

Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, appeared on ‘Squawk…

The Smart Contract Market Envisions a Whopping $5 Trillion Valuation by 2030, Ark Invest Suggests

The Smart Contract Market Envisions a Whopping $5 Trillion Valuation…

In a recent report, Ark Invest has forecasted a meteoric rise for smart contract-based decentralized…

Scroll to Top