UK weighs if victims of China fraud scheme get today’s value of seized 61K Bitcoin

UK officials are deliberating on the potential use of billions of dollars gained from seized Bitcoin linked to a major fraud case instead of fully compensating victims. The UK High Court might decide to return only the initial investment amount of approximately 640 million pounds ($862 million) to those affected, despite the seized 61,000 Bitcoin being valued at around $7.24 billion. The assets were confiscated in 2018 from scammers who defrauded 128,000 investors in China. Treasury officials are contemplating using the surplus funds to mitigate a budget deficit. However, this decision may incite a protracted legal battle over the proceeds. Furthermore, there are concerns regarding the implications of such a decision. The assets were seized from Zhimin Qian and her assistant, who were involved in a large-scale fraud that occurred from 2014 to 2017. Qian has pleaded guilty, and the investigation lasted seven years, highlighting the ongoing issue of cryptocurrency-related crime.

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