The victims of an investment fraud scheme are attempting to recover $4.3 billion in Bitcoin seized by the UK Police with the help of the Chinese government.
According to reports, a delegation on behalf of the victims of the fraud wrote to the Chinese Ministry of Foreign Affairs, urging it to negotiate with the United Kingdom government to retrieve the confiscated Bitcoin.
Tianjin Lantian Gerui Electronic Technology secured the funds between 2014 and 2017 via a $ 6.2 billion investment scheme.
The organization, which also communicated with the Ministry of Public Security of China, reported amassing nearly 2,500 signatures from victims, which it intends to forward to both ministries.
The correspondence urges the Chinese government to collaborate with the United Kingdom and furnish substantiating evidence that establishes their lawful possession of Bitcoin. The letter stated as follows:
“We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us.”
The government has yet to specify how the United Kingdom would handle the Bitcoin seized in the case.
After former hospitality employee Jian Wen attempted to conceal funds by purchasing a $30 million mansion with BTC, U.K. authorities seized the cryptocurrency. Ourn was unable to explain the origin of the funds, which resulted in the purchase failing.
This prompted the authorities to investigate, culminating in a house search in 2021. Police discovered 61,000 BTC in the rental property of Wen and her employer, Zhimin Qian, the alleged mastermind of the investment fraud scheme at the time.
Since its seizure in 2021, the value of Bitcoin has decreased from $1.7 billion to approximately $4.3 billion due to the cryptocurrency’s rising price.
Wen changed her narrative from initially claiming that the Bitcoin had been mined to stating that it was a “love present” from Qian, who had fled the United Kingdom.
From October 2017 to January 2022, Wen faced money laundering charges, precisely three counts. On March 20, Southwark Crown Court deemed Wen guilty of money laundering despite her adamant denial of all charges.
