UK to Sell $7.5B in Seized Bitcoin After Chinese Woman's Fraud Guilty Plea
A Chinese woman, Zhimin Qian, 47, has pleaded guilty to orchestrating a massive fraud in China between 2014 and 2017. The UK's London Metropolitan Police are now in possession of her ill-gotten gains, a wallet containing 61,245 Bitcoin, currently valued at over 5.5 billion pounds. The UK is preparing for a potential Bitcoin sale, with the seized cryptocurrency set to hit the market.
Qian's fraudulent activities defrauded over 128,000 victims, with the illegally obtained funds stored in Bitcoin. In 2018, UK police seized devices from Qian's rented villa in Hampstead, London, recovering the 61,000 BTC. The dispute over the claims enters the next round, with Britain hoping to retain as many of the seized Bitcoin as possible. Qian and her accomplice pleaded guilty in a London court this week, paving the way for the potential Bitcoin sale. The UK is now considering the impact of this sale on planned tax increases.
The seized Bitcoin, currently valued at around 7.5 billion US dollars, could significantly impact the cryptocurrency market if dumped onto it. The UK's decision on the Bitcoin sale will be closely watched, not only by cryptocurrency enthusiasts but also by tax officials, as it could influence planned tax increases.
