UK Police Seized £1.4BN of Bitcoin from Chinese Investment Fraud
The UK Metropolitan Police has made a significant crypto seizure, confiscating over £1.4 billion ($1.77 billion) worth of bitcoin (BTC). This seizure is one of the largest ever conducted by law enforcement globally. The funds were obtained through a massive investment fraud in China. Jian Wen is currently on trial for allegedly laundering Bitcoin on behalf of her former employer, Yadi Zhang, who is an alleged fugitive from the Beijing authorities.
Industry Leaders Band Together to Launch the Digital Assets Association
The Digital Assets Association (DAA) has officially launched, bringing together industry leaders to promote responsible development and adoption of institutional digital assets. The committee includes individuals such as Henry Zhang, Chia Hock Lai, Danny Chong, Daniel Lee, Steven Hu, and Chang Tze Ching. The DAA aims to bridge the gap between traditional finance and tokenized real-world assets by facilitating collaboration between financial institutions, fintechs, technology providers, and legal and regulatory experts.
Digital Asset Product Volumes Surge Over 200% in January
In January, after the approval of Bitcoin spot ETFs, the total assets under management (AUM) in the sector remained stable at $50.7 billion. However, average daily aggregate trading volumes increased significantly by 224%, reaching $2.19 billion. This surge can be attributed to the ETF launch and improved market sentiment. The report also highlighted that lower fees increase the appeal of ETFs and influence investor inflows and trading volumes.
Hot Take: UK Police Make Massive Bitcoin Seizure in Investment Fraud Case
The UK Metropolitan Police has confiscated over £1.4 billion worth of bitcoin in one of the largest crypto seizures ever. The funds were obtained through a significant investment fraud in China, and the accused is currently on trial for money laundering. Meanwhile, industry leaders have come together to launch the Digital Assets Association, aiming to foster responsible development and adoption of institutional digital assets. In January, digital asset product volumes surged over 200% following the approval of Bitcoin spot ETFs. This indicates growing confidence in the digital asset space and increasing acceptance by institutions.
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