UK Authorities Seize $1.78 Billion in Bitcoin in Major Chinese Investment Fraud Case

London court reveals significant bitcoin confiscation during the trial of Jian Wen, accused of laundering cryptocurrency for her former employer, Yadi Zhang.

In a major development, UK law enforcement has confiscated bitcoin (BTC) valued at £1.4 billion ($1.78 billion) linked to a Chinese investment fraud scheme. This revelation came to light during the trial of Jian Wen, who is facing accusations of laundering bitcoin on behalf of her former employer, Yadi Zhang, also known as Zhimin Qian.

The UK police seized four devices in 2018, containing over 61,000 BTC. By July 2021, when these assets were fully recovered, their value had surged to £1.4 billion, according to the Financial Times.

Zhang is alleged to have embezzled around £5 billion from more than 128,000 investors, which she then converted into bitcoin. Currently on the run, Zhang is accused of orchestrating a massive fraud operation. The Southwark Crown Court in London was informed of her substantial theft and the subsequent conversion of funds into cryptocurrency.

Jian Wen, who has pleaded not guilty, is currently on trial for her alleged involvement in converting a portion of Zhang's bitcoin holdings into various assets, including cash, real estate, jewelry, and luxury items. One notable attempt involved an effort to acquire a London property valued at £12.5 million in 2018. However, the law firm handling the transaction could not verify the source of the bitcoin used for the purchase.

(Photo Source / Blockonome)