Crown

Bitcoin

Victims of an investment fraud scheme linked to a Chinese electronics company are seeking to recover $4.3 billion in Bitcoin seized by UK authorities. The group <a href="https://www.ft.com/content/605a7ca9-3f5f-47e6-ab5c-818b9a1bf0d5" target="_blank" rel="noopener" data-wpel-link="external">sent </a>a letter to China’s Ministry of Foreign Affairs requesting that it come to terms with the U.K. government for the return of the seized cryptocurrency. 
The funds were obtained through a $6.2-billion investment scheme conducted by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017. The group, which has collected nearly 2,500 signatures from victims, plans to submit them to both the Ministry of Foreign Affairs and the Ministry of Public Security. 
U.K. authorities seized the cryptocurrency after former hospitality worker Jian Wen attempted to launder funds by purchasing a $30-million mansion with Bitcoin. The failed transaction led to an investigation. In 2021, a raid on a house uncovered 61,000 BTC, now valued at approximately $4.3 billion. 
Initially, Wen claimed the Bitcoin had been mined but later changed her story, stating it was a “love present” from Zhimin Qian, the suspected mastermind behind the investment fraud scheme who had fled the U.K. 
Wen was charged with three counts of money laundering and found guilty by Southwark Crown Court on March 20, despite denying all charges. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
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</blockquote>

Fraud Victims Seek $4.3B in Seized Bitcoin from UK Authorities

The Crypto Times

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