UK authorities seized 61,000 BTC (around US$1.8bn) re investment scam operated in China

UK authorities seized 61,000 BTC valued at approximately £1.4 billion (or $1.78 billion) related to an investment fraud that operated in China, the Financial Times reported.

The FT is gated but other outlets have picked it up. How is BTC involved in all this?

  • Zhimin Qian, converted part of the profits from a £5 billion investment scam operated in China between 2014 and 2017 into the top cryptocurrency to facilitate the seamless transfer of funds.
  • U.K. police seized four devices in 2018 that contained more than 61,000 BTC, worth 1.4 billion pounds by the time they were all recovered in July 2021
  • Zhang stole roughly 5 billion pounds from more than 128,000 investors

Is BTC being sold on this news? If so, its being unfairly maligned IMO. Check this out:

  • She also tried to buy a London property for 12.5 million pounds in 2018, but the law firm handling the purchase could not verify the bitcoin’s source.

Its not BTC that’s at fault, it’s the criminals!

This article was written by Eamonn Sheridan at Source