London Police Hold Over $3.88 Billion in Bitcoin from 2018 Seizure: Arkham Intelligence
London’s Metropolitan Police currently holds more than $3.88 billion worth of Bitcoin (BTC) from a significant seizure in 2018, as reported by crypto analytics firm Arkham Intelligence. The UK law enforcement agency confiscated 61,000 Bitcoin from Jian Wen and Zhimin Qian in 2018 and gained access to the crypto assets in July 2021.
The Seizure and Allegations
Jian Wen was recently put on trial in the UK for allegedly laundering money from a $6.5 billion fraud that affected over 100,000 Chinese residents. Prosecutors claim that she converted Bitcoin into cash and property. However, Jian’s lawyers argue that Zhimin Qian orchestrated the fraud, and Jian, a UK citizen, was unaware that the money was connected to criminal activities.
Dedicated Efforts to Combat Crypto Crime
The London police reportedly established a specialized team comprising 40 individuals dedicated to cracking down on cryptocurrency-related crimes. In October, the Financial Times revealed that this team was actively working on 19 criminal investigations based on 74 intelligence referrals.
Bitcoin Price Update
At the time of writing, Bitcoin is trading at $63,363. The leading cryptocurrency has experienced a decline of over 7% in the past 24 hours.
Hot Take: London Police Holds Massive Bitcoin Seizure
London’s Metropolitan Police holding over $3.88 billion worth of Bitcoin (BTC) following a major seizure in 2018 is a significant development. The seizure of these assets demonstrates law enforcement’s increasing ability to navigate the world of cryptocurrencies and apprehend individuals involved in financial crimes.
However, the ongoing trial of Jian Wen raises important questions about her involvement and knowledge of the alleged fraud. The outcome of this trial will likely have implications for future cases involving cryptocurrency-related crimes.
The dedicated team established by the London police to combat crypto crime is a proactive step towards ensuring the security and integrity of the digital asset space. With 19 active criminal investigations, it is evident that law enforcement agencies are taking crypto-related crimes seriously and are committed to bringing perpetrators to justice.
The decline in Bitcoin’s price highlights the volatility of the cryptocurrency market. Investors and enthusiasts should remain cautious and stay informed about market trends to make informed decisions.
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