Crypto News-Victims of an investment scam involving a Chinese electronics company aim to reclaim $4.3 billion in Bitcoin, purchased with their funds, with the support of the UK government.
China urged to seek return of 4.3 billion Dollars Bitcoin seized by UK authorities, say fraud victims
According to reports, a coalition representing the victims of the fraudulent scheme has sent a formal request to China’s Ministry of Foreign Affairs, urging negotiations with the UK authorities for the recovery of the confiscated Bitcoin.
The funds were siphoned off through a $6.2 billion investment scam orchestrated by Tianjin Lantian Gerui Electronic Technology between 2014 and 2017.
The coalition, having also reached out to China’s Ministry of Public Security, has amassed nearly 2,500 signatures from victims and intends to present them to both ministries.
UK authorities confiscated the cryptocurrency following an attempt by former hospitality worker Jian Wen to launder funds by purchasing a $30-million mansion with Bitcoin. However, the transaction was unsuccessful as Wen failed to provide a satisfactory explanation for the source of the funds.
The BTC, valued at $1.7 billion when confiscated in 2021, has surged to approximately $4.3 billion due to the subsequent rise in Bitcoin’s price.
Initially, Wen asserted that the Bitcoin had been mined, but later altered her narrative, claiming it was a love present from Qian, who had fled the United Kingdom.
Wen faced three charges of money laundering spanning from October 2017 to January 2022. Despite denying the allegations, Wen was convicted of money laundering by the Southwark Crown Court on March 20.
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