Crown

Bitcoin

when

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Victims of a Chinese investment fraud scheme are seeking the UK government’s help to recover $4.3 billion in Bitcoin.</li>
 <li>The Bitcoin was seized from a former hospitality worker who attempted to launder funds through property purchase.</li>
</ul>
<p>A group of individuals who fell victim to an investment scam run by a Chinese electronics company is seeking assistance from the UK government to recover $4.3 billion in Bitcoin, which was bought using their money.</p>
<p>The group reportedly sent a letter to Beijing’s foreign ministry, urging it to negotiate with the UK government to help retrieve the confiscated Bitcoin.</p>
<h2 id="the-fraudulent-scheme">The Fraudulent Scheme</h2>
<p>The funds were siphoned off through an investment scheme worth $6.2 billion, run by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017.</p>
<p>The victims’ group, which has also reached out to China’s Ministry of Public Security, claims to have collected nearly 2,500 signatures from victims, which they plan to submit to both ministries.</p>
<p>The letter appeals to the Chinese government to collaborate with the UK in providing evidence that proves their rightful ownership of the Bitcoin.</p>
<p>The letter states, “We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us.”</p>
<h2 id="the-seizure-of-bitcoin">The Seizure of Bitcoin</h2>
<p>The UK government has not yet disclosed how it plans to handle the Bitcoin seized in the case.</p>
<p>The cryptocurrency was seized by UK authorities after former hospitality worker, Jian Wen, attempted to buy a $30 million mansion with Bitcoin. The transaction failed when Wen was unable to justify the source of the funds.</p>
<p>This led to an investigation by the authorities, which resulted in a raid on a house in 2021.</p>
<p>During the raid, police discovered 61,000 Bitcoin in a property rented by Wen and her boss, Zhimin Qian, who is suspected to be the mastermind behind the fraudulent investment scheme.</p>
<p>The Bitcoin was worth $1.7 billion when it was seized in 2021, but its value has since increased to about $4.3 billion due to the rise in Bitcoin’s price.</p>
<p>Wen initially claimed that the Bitcoin had been mined but later changed her narrative, stating it was a “love present” from Qian, who had fled the UK.</p>
<p>Wen was charged with three counts of money laundering between October 2017 and January 2022.</p>
<p>Despite denying all charges, Southwark Crown Court found Wen guilty of money laundering on March 20.</p>

China Urged by Fraud Victims to Retrieve $4.3B in Bitcoin Confiscated by UK Police

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