UK Owns $6 Billion Worth of Bitcoin
UK government is connected to a digital wallet containing 61,245 BTC worth $6 billion, as shown by Arkham Intelligence.
Arkham claims that the $6 billion in Bitcoin the UK government owns was taken from Zhimin Qian, a scammer who carried out a multibillion-pound scam. They have held onto this for three and a half years after Zhimin Qian seized it in 2021.
Chinese national Qian Zhimin stole $5.6 billion from 130,000 Chinese investors between 2014 and 2017. She was recruited by Jian Wen, who obtained her under pretenses from a fast-food chain store in East London in September 2017.
At Southwark Crown Court, a co-defendant, Seng Hok Ling, entered a not-guilty plea to related charges, Zhimin will go on trial in September of next year, while Jian has already been sentenced to six years in prison for the money laundering scheme.
The blockchain’s transparency and open access to on-chain transactions made it easy to identify several cases relating to Bitcoin. Consequently, the securities agency was able to trace the pilfered funds.
Meanwhile, the UK is putting forth a new bid to become a global center for cryptocurrency. Britain’s Labour government has pledged to create a welcoming environment for companies involved in blockchain and cryptocurrency. According to Treasury Economic Secretary Tulip Siddiq, the government wants to work with companies on draft laws about digital assets, such as stablecoins, “as early as possible next year.”.
‘The government would not consider cryptocurrency staking services, which pay out on users’ token holdings, to be collective investment schemes’, she added. Crypto industry insiders were concerned that this kind of treatment would have resulted in complex regulatory requirements.
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