Victims of $6.2B Chinese Investment Scam Seek UK's Help to Recover $4.3B in Bitcoin
Summary:
Victims of a $6.2 billion investment scam facilitated by Chinese firm Tianjin Lantian Gerui Electronic Technology are seeking the UK government's assistance to recover $4.3 billion in Bitcoin. The victims, who have collected nearly 2,500 signatures, have submitted a letter for diplomatic talks between China and the UK. The Bitcoin was originally seized by UK authorities when former hospitality worker Jian Wen was caught trying to launder money. The value of the Bitcoin, which was worth $1.7 billion at the time of seizure, has now appreciated to about $4.3 billion. Wen, charged with money laundering, was found guilty on March 20.
Victims of a financial deception operation orchestrated through a Chinese tech firm are attempting to retrieve $4.3 billion in Bitcoin (BTC) misspent with their investments via the assistance of the UK government. A collective of defrauded victims has apparently dispatched a note to Beijing's diplomatic authorities, urging them to engage in talks with the UK administration to regain Bitcoin that was seized. The stash was secured through an investment scheme worth $6.2 billion, executed by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017. This group, who also reached out to China’s Ministry of Public Security, confirmed it has assembled nearly 2,500 signatures from victims which they intend to present to both ministries. The note encourages the Chinese administration to coordinate with the UK to show evidence of the victims’ legitimate entitlement to the Bitcoin.
The note reads, “We will neither expect nor consent to our Bitcoin being confiscated by the UK and not handed back to us.” As of now, the UK administration has made no comments regarding how it will handle the seized Bitcoin. UK officials confiscated the digital asset after former hospitality employee, Jian Wen, attempted to clean her money via the purchase of a $30 million mansion using BTC. This endeavor failed when Wen was unable to account for the origin of the money. This brought about a probe by the authorities, culminating in a raided residence in 2021.
During that period, law enforcement discovered 61,000 BTC in a property leased by Wen and her boss, Zhimin Qian, the alleged orchestrator of the dubious investment operation. Zhimin Qian, on the run from the UK, reportedly gave the Bitcoins as a “love gift” to Wen who initially said she mined the coins herself. Wen faced three counts of money laundering between October 2017 and January 2022 but denied the allegations. However, Southwark Crown Court convicted Wen of the money laundering charges on March 20. The stash of BTC, valued at $1.7 billion when seized in 2021, is now estimated to be worth $4.3 billion, in line with the increasing valuation of Bitcoin.
Published At
4/12/2024 11:13:11 AM
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