U.K. Metropolitan Police Seize 61,000 Bitcoins
According to the Financial Times, the U.K. Metropolitan Police have made a significant cryptocurrency seizure, confiscating more than 61,000 bitcoins in connection with a large-scale investment fraud in China. This seizure represents one of the largest cryptocurrency seizures worldwide.
Trail of Accused British Citizen
The seized bitcoins were revealed during the trial of Jian Wen, a 42-year-old British citizen, who is facing charges of laundering bitcoin for her former employer, Zhimin Qian (also known as Yadi Zhang). Zhang is a Chinese fugitive accused of stealing approximately $6.4 billion from more than 128,000 investors.
Seizure Details
The prosecution informed the jury that the seized bitcoins originated from Zhang’s investment fraud scheme in China, which took place between 2014 and 2017. The U.K. police confiscated over 61,000 bitcoins from a safety deposit box and a shared residence of Wen and Zhang in 2018. The value of the seized bitcoin was approximately $1.8 billion in July 2021 when the police recovered the coins. However, it has since appreciated to $2.6 billion based on the current price per BTC, amounting to $43,049.
Allegations Against Zhang
Prosecutors allege that Zhang converted the stolen funds into bitcoin, totaling $6.4 billion, and entered London in 2017 using a false identity. She has since fled the U.K. and is currently a fugitive.
Accusations Against Wen
Although Wen pleads not guilty to participating in the underlying fraud, she is accused of knowingly assisting in the conversion of Zhang’s bitcoin into cash, jewelry, luxury items, and property. The Crown Prosecution Service stated that Wen had access to the passwords and passphrases to access the laptops containing the bitcoin and knew where they were kept.
Large Bitcoin Seizure in Germany
Separately, the Saxony state police in Germany announced the seizure of approximately 50,000 bitcoins, marking “the most extensive seizure of bitcoins by law enforcement authorities in the Federal Republic of Germany to date.”
Hot Take: Massive Bitcoin Seizures by U.K. and Germany
The recent seizures of bitcoins by the U.K. Metropolitan Police and the Saxony state police in Germany highlight the ongoing efforts of law enforcement agencies to combat cryptocurrency-related crimes. These large-scale seizures serve as a warning to individuals involved in fraudulent activities that their ill-gotten gains can be confiscated and their crimes prosecuted. As the value of bitcoins continues to rise, law enforcement agencies worldwide are becoming increasingly vigilant in detecting and seizing cryptocurrencies connected to criminal enterprises.
By
By
By
By
By