A group of individuals who fell victim to an investment fraud scheme orchestrated by a Chinese electronics company is seeking to recover $4.3 billion worth of Bitcoin (BTC) that was purchased with their stolen funds. To aid in their efforts, the victims have submitted a letter to the Ministry of Foreign Affairs of China, urging them to negotiate with the United Kingdom government for the return of the seized Bitcoin. The funds were initially obtained through a fraudulent investment scheme carried out by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017. The group has also reached out to China’s Ministry of Public Security and has gathered nearly 2,500 signatures from fellow victims, which they plan to present to both ministries. The letter emphasizes the importance of cooperation between the Chinese and British governments and requests evidence to prove the victims’ rightful ownership of the Bitcoin. The approach that the U.K. government will take regarding the seized cryptocurrency has not yet been disclosed. The British authorities confiscated the Bitcoin after Jian Wen, a former hospitality worker, attempted to use BTC to purchase a $30-million mansion. However, the transaction was unsuccessful as Wen could not provide a valid explanation for the source of the funds. This prompted an investigation by the authorities, resulting in a raid on a property in 2021. During the operation, the police discovered 61,000 BTC in the rented property, which Wen and her boss, Zhimin Qian, the alleged mastermind behind the investment fraud scheme, were occupying. The Bitcoin was valued at $1.7 billion at the time of seizure in 2021 but has since appreciated to approximately $4.3 billion due to the surge in Bitcoin’s price. Initially, Wen claimed that the Bitcoin had been mined, but she later changed her story, stating that it was a “love present” from Qian, who had fled the U.K. Wen was charged with three counts of money laundering between October 2017 and January 2022. Despite her denial of the charges, Wen was found guilty of money laundering by the Southwark Crown Court on March 20.
UK Police Seize $4.3B Worth of Bitcoin: Fraud Victims Urge China for Recovery