Crypto News- Chinese fraud victims are seeking assistance from the UK government to recover over $4 billion worth of Bitcoin seized by authorities. This move comes in the wake of a significant investment fraud orchestrated by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017, which resulted in losses totaling $6.2 billion.
April 12th in Crypto News: What You Need to Know!
The victims, who fell prey to the scheme, are now urging the Chinese Ministry of Foreign Affairs to engage in negotiations with UK authorities for the return of the confiscated cryptocurrency. The funds were seized after a failed attempt by former hospitality worker Jian Wen to purchase a $30 million mansion using Bitcoin, without providing a legitimate source for the funds.
A subsequent investigation led to the discovery of 61,000 BTC in a property linked to Wen and Zhimin Qian, believed to be the mastermind behind the fraudulent scheme. The upcoming Ethereum hard fork, known as Pectra, promises to revolutionize wallet security with the introduction of a “social recovery” feature.
Enhancing Ethereum: Introducing Social Recovery and Gas-Less Transactions
This feature aims to eliminate the need for traditional seed phrases by allowing users to recover their assets through social logins and smart contract-based mechanisms. Additionally, the upgrade will enable gas-less transactions and eliminate the requirement for users to hold additional Ether in their wallets to cover transaction fees.
Meanwhile, investors in BlackRock’s tokenized fund can now redeem their shares for Circle’s USD Coin (USDC) stablecoin, providing them with a seamless off-ramp into fiat currency. This move underscores the growing trend of tokenizing real-world assets and the increasing importance of stablecoins in facilitating liquidity within the digital asset space.
With BlackRock’s significant presence in the cryptocurrency market, including the launch of a spot Bitcoin exchange-traded fund (ETF), the firm continues to play a pivotal role in driving institutional adoption and shaping the future of digital finance.
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