A group of individuals who fell victim to an investment fraud scheme orchestrated by a Chinese electronics company is seeking the assistance of the United Kingdom government in recovering $4.3 billion worth of Bitcoin that was purchased with their stolen funds.
According to reports, the group representing the scam victims has submitted a letter to the Ministry of Foreign Affairs of China, urging them to negotiate with the U.K. government in order to retrieve the seized Bitcoin. The funds were obtained through an investment scheme conducted by Tianjin Lantian Gerui Electronic Technology, which amassed $6.2 billion between 2014 and 2017.
The group has also reached out to China’s Ministry of Public Security, and they claim to have gathered almost 2,500 signatures from other victims, which they intend to present to both ministries. The letter emphasizes the need for the Chinese government to collaborate with the U.K. and provide evidence substantiating the victims’ rightful ownership of the Bitcoin.
As of now, the U.K. government has not disclosed its plans for handling the seized Bitcoin. The cryptocurrency was confiscated by U.K. authorities after an individual named Jian Wen, who previously worked in the hospitality industry, attempted to launder funds by purchasing a $30 million mansion using BTC. Wen’s plan failed when she was unable to explain the origin of the funds.
This incident prompted an investigation by the authorities, resulting in a raid on a property in 2021. During the raid, the police discovered 61,000 BTC in the rented property, which was occupied by Wen and her superior, Zhimin Qian, the alleged mastermind behind the investment fraud scheme.
At the time of the seizure in 2021, the Bitcoin was valued at $1.7 billion. However, due to the subsequent increase in Bitcoin’s price, it is now worth approximately $4.3 billion. Initially, Wen claimed that the Bitcoin had been mined, but later changed her statement, asserting that it was a “love present” from Qian, who had fled the United Kingdom.
Wen was charged with three counts of money laundering spanning from October 2017 to January 2022. Despite her denial of the charges, Wen was found guilty of money laundering by the Southwark Crown Court on March 20.
In other related news, a couple who mistakenly received $10.5 million from Crypto.com will face a plea hearing in October, and a $308 million crypto laundering scheme has been uncovered. Additionally, developments regarding the Hashkey token and Hong Kong’s Central Bank Digital Currency (CBDC) continue to unfold in the Asian region.