Victims of fraud urge China to reclaim $4.3 billion worth of Bitcoin confiscated by UK authorities.

Victims of a fraudulent investment scheme orchestrated by a Chinese electronics company are seeking to recover $4.3 billion worth of Bitcoin (BTC) with the assistance of the UK government. A group representing the victims has reportedly sent a letter to the Chinese Ministry of Foreign Affairs, urging them to negotiate with the UK government in order to retrieve the seized Bitcoin. The funds were acquired through a $6.2 billion investment scheme operated by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017. The group has gathered nearly 2,500 signatures from victims and plans to present them to both the Chinese Ministry of Public Security and the Ministry of Foreign Affairs. The letter requests the Chinese government’s collaboration with the UK and demands evidence to establish the rightful ownership of the Bitcoin. The UK government has yet to disclose its plans for the seized cryptocurrency. The UK authorities confiscated the Bitcoin after a former hospitality worker, Jian Wen, attempted to purchase a $30 million mansion using BTC. The transaction failed when Wen failed to explain the source of the funds. Consequently, an investigation ensued, leading to a raid on a property in 2021. The police discovered 61,000 BTC in the rented property, which was occupied by Wen and her boss, Zhimin Qian, the suspected mastermind behind the investment fraud scheme. At the time of confiscation in 2021, the BTC was valued at $1.7 billion, but its worth has since increased to approximately $4.3 billion due to the surge in Bitcoin’s price. Initially, Wen claimed that the Bitcoin was mined, but she later changed her statement and stated that it was a “love present” from Qian, who had fled the UK. Wen has been charged with three counts of money laundering between October 2017 and January 2022. Despite denying the charges, Wen was found guilty of money laundering by the Southwark Crown Court on March 20.