British authorities have succeeded in seizing bitcoin worth 1.4 billion pounds (around $1.78 billion equivalent to 25.098 trillion rupiah) from a Chinese investment fraud operation. The court in London heard about the seizure as part of the trial of Jian Wen, who is accused of laundering bitcoins on behalf of his former employer, Yadi Zhang aka Zhimin Qian.
In 2018, British police seized four devices with more than 61,000 BTC worth £1.4 billion. The surprise came in July 2021 when all the assets were returned. Zhang, who was charged with stealing around £5 billion from 128,000 investors, converted it into bitcoin before fleeing. A case that attracts attention, where Bitcoin is at the center of attention in financial crimes.
Jian Wen, who claims he is innocent, is currently on trial on charges of helping convert Zhang's bitcoins into cash, property, jewelry and other luxury goods. Wen also attempted to buy a £12.5 million property in London in 2018, but the law firm handling the transaction could not verify the source of the bitcoins used. A case that highlights attempts to convert crypto assets into physical wealth and validation problems in property transactions.
The seizure is one of the largest in history and highlights the vulnerability of cryptocurrencies to fraud. A total of 61,000 bitcoins came from a fake investment platform operated by Zhimin Qian. Qian remains at large in China, while Wen is on trial in London on money laundering charges. A case that reveals the potential security risks in crypto investments and the complexities of cross-border law enforcement.
Authorities claim that Wen helped Qian convert illegal crypto funds into cash and other assets such as luxury goods. During the trial, police records quoted Wen as saying, “I will die if they succeed in cracking the BTC code.”
The seized Bitcoin is currently worth nearly $1.7 billion, making it one of the largest law enforcement seizures of cryptocurrency in the world. Wen was arrested in 2021 after police managed to break into and access a Bitcoin wallet. How British police obtained the encrypted device and private keys remains unclear.
With regulators around the world increasing scrutiny of cryptocurrencies, fraud and cheating on a large scale remains a challenge the industry must overcome.
