Fraud Victims Seek China’s Recovery of $4.3B Bitcoin Seized by UK Police
Victims of an investment fraud scheme carried out by a Chinese electronics company are seeking assistance from the UK government in recovering $4.3 billion worth of Bitcoin that was purchased with their money. A group representing the victims sent a letter to the foreign ministry of Beijing, urging them to negotiate with the UK government for the return of the seized Bitcoin. The funds were acquired through a $6.2 billion investment scheme conducted by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017. The group has collected nearly 2,500 signatures from victims and plans to submit them to both the Chinese Ministry of Public Security and the foreign ministry. The letter emphasizes the need for collaboration between the Chinese and UK governments and demands evidence to establish the rightful ownership of the Bitcoin. The victims assert that they will not accept a situation where the UK seizes the Bitcoin without returning it to them.
The UK government is yet to disclose its strategy for dealing with the seized Bitcoin. The cryptocurrency was confiscated after a former hospitality worker named Jian Wen attempted to launder funds by purchasing a $30 million mansion with BTC. The transaction failed when Wen could not explain the source of the funds, triggering an investigation by authorities. As part of this investigation, a house was raided in 2021, where the police discovered 61,000 BTC rented by Wen and her boss, Zhimin Qian, who is believed to be the mastermind behind the investment fraud. At the time of the seizure, the Bitcoin was valued at $1.7 billion, but its worth has since risen to approximately $4.3 billion due to the surge in Bitcoin’s price.
Initially, Wen claimed that the Bitcoin had been mined, but later altered her statement, declaring it to be a “love present” from Qian, who had fled the UK. Wen was charged with three counts of money laundering between October 2017 and January 2022. Despite denying all charges, she was found guilty of money laundering by the Southwark Crown Court on March 20.
7 thoughts on “Fraud Victims Seek China’s Recovery of $4.3B Bitcoin Seized by UK Police”
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The UK government needs to be transparent about their strategy for dealing with the seized Bitcoin. The victims deserve to know what steps are being taken to recover their money and bring the culprits to justice.
It’s outrageous that such a massive fraud scheme went undetected for years! These victims deserve their money back and it’s the responsibility of both the Chinese and UK governments to make that happen.
I applaud the victims for their determination and resilience in seeking justice. It’s now up to the Chinese and UK governments to collaborate and make sure the seized Bitcoin is rightfully returned to those who suffered losses.
The victims worked hard for their money, and now it’s being held hostage in the form of Bitcoin. The UK government should prioritize returning the funds to the rightful owners and providing them with the justice they deserve.
It’s a shame that the victims have to appeal to the government for assistance. 😔 They should have never been put in this position in the first place. The UK government needs to take swift action to rectify this situation. 🙏
This case exemplifies the urgency for international cooperation and collaboration in tackling investment fraud. It’s essential for the Chinese and UK governments to work together and return the Bitcoin to the rightful victims.
The fact that the Bitcoin’s worth has increased significantly further highlights the urgency of resolving this issue promptly. The victims have suffered enough and deserve justice. Let’s hope for a positive outcome!