Crown

Bitcoin

Security

<p>Victims of a large investment fraud in China are calling on their government to recover $4.3 billion worth of <a href="https://www.cryptopolitan.com/robert-kiyosaki-critiques-bitcoin-etfs/" rel="noopener noreferrer nofollow">Bitcoin</a>. This amount was confiscated by the U.K. government in response to a money laundering attempt that failed. Those who have been wronged, through a pressure group have approached China’s Ministry of Foreign Affairs. They look for help in haggling with the U.K. to get back the confiscated cryptocurrency. Their request highlights the need of proving lawful possession in order to enable the funds to be returned.</p>
<p>The defrauded funds had originated from $6.2 billion investment scam by Tianjin Lantian Gerui Electronic Technology. Lasting from 2014 to 2017, this fraud deceived thousands. Almost 2,500 signatures have been collected for the victim group of people. These are to be forwarded to both the Ministry of Foreign Affairs and the Ministry of Public Security in China.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-seizure-triggers-major-uk-investigation-strong"><strong>Bitcoin seizure triggers major UK investigation</strong></h2>
<p>The UK’s participation was initiated by<a href="https://www.cryptopolitan.com/uk-confiscates-1b-bitcoin-chinese-fraudsters/" rel="noopener noreferrer nofollow"> Jian Wen</a>, a previous hospitality worker who tried to acquire over-the-top real estate using Bitcoin. Since Wen could not reveal the origin of these funds, questions were raised, and an official inquiry was initiated. Also, in 2021, a search performed on a residence rented by Wen and her employer, Zhimin Qian uncovered 61,000 BTC. The value of these at the time of seizure was about $1.7 billion.</p>
<p>The value of the cryptocurrency that was seized has since gone up, currently approximated at $4.3 billion. Wen first argued that Bitcoin was a mining product. Subsequently, she changed her version, claiming it was a present from Qian, who has subsequently disappeared from the UK. Wen was accused of money laundering, and she was convicted by Southwark Crown Court on March 20.</p>
<h2 class="wp-block-heading" id="strong-fraud-victims-fear-loss-of-bitcoin-funds-strong"><strong>Fraud victims fear loss of Bitcoin funds</strong></h2>
<p>Legal and some diplomatic obstacles make the process of recovery itself a difficult assignment. The <a href="https://www.ft.com/content/605a7ca9-3f5f-47e6-ab5c-818b9a1bf0d5" rel="noopener noreferrer nofollow" target="_blank">U.K. government</a> has yet to declare the way it is going to deal with the confiscated Bitcoin. The uncertainty has only made the fears of the fraud victims worse because they are wondering whether they are ever going to recover their losses. In their letter to the Chinese government, the group states their strong rejection of the permanent confiscation of their funds by the U.K.</p>
<p>In the meantime, Jian Wen was charged with money laundering in U.K., and he was found guilty on March 20 by the Southwark Crown Court. At first, Wen contended she had mined the Bitcoin. Still, later she called it a present from Qian, who has since absconded from the U.K. Wen’s conviction represents a significant development in this matter, which may affect the ongoing attempts to repatriate the confiscation funds to the rightful owners.</p>

Victims of $6.2B scam request China’s help with UK seized Bitcoin

Table of Contents

Cryptopolitan_News

Other articles published on Apr 12, 2024

Chainlink Down More Than 16% Within 24 hours

Omni Network (OMNI) Launches On Binance Launchpool

Cryptocurrency Arbitrum Falls More Than 3% In 24 hours

Cardano New Releases Herald Major Network Upgrade for Ecosystem

$VELAR is Live

Sam Bankman-Fried, Founder Of FTX, Appeals Fraud Conviction And 25-Year Sentence

Join our free newsletter for daily crypto updates!