London Police Sieze £5.5 Billion in Bitcoin linked to Chinese investment Fraud
LONDON – LondonS Metropolitan Police have confiscated a record £5.5 billion (approximately €6.3 billion) worth of Bitcoin assets connected to a large-scale investment fraud originating in China. The cryptocurrency was obtained through illicit activity, impacting over 128,000 investors, Scotland Yard announced.
A 47-year-old Chinese woman pleaded guilty at Southwark Crown Court on Monday to charges related to the acquisition and possession of criminal property, specifically cryptocurrency. Authorities allege she fled to the United Kingdom in 2018 and attempted to launder the funds through real estate investments. A co-conspirator was sentenced to six years and eight months in prison last year.
“This is one of the largest money laundering cases in UK history and one of the highest value cryptocurrency cases worldwide,” stated Lyne, head of the Metropolitan Police’s Economic and Cybercrime Command. The investigation spanned several years.
Victims, including elderly individuals, banks, and business people, may be eligible for compensation, according to the fraudster’s lawyer, as reported by the BBC. The recent surge in Bitcoin’s value could perhaps allow for full repayment of the initial investments.
