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Experts from the analytical platform Arkham Intelligence have discovered an address associated with the UK government.
According to data from March 4, 61,245 Bitcoins (BTC) are held at the UK government address, approximately $4.1 billion at the time of writing.
The UK Government is now on Arkham.
— Arkham (@ArkhamIntel) March 4, 2024
The UK Metropolitan Police seized 61,000 Bitcoin (currently worth $4B) from Jian Wen and Zhimin Qian in 2018, gaining access to the seized BTC in July 2021.
Qian had reportedly purchased the Bitcoin with funds from an investment fraud… pic.twitter.com/BVqRAkE1TW
According to experts, in 2018, UK police confiscated 61,000 BTC from two Chinese citizens. The source says that between 2014 and 2017, the suspect, Zhiming Qian, purchased cryptocurrency with funds obtained as a result of investment fraud and hid from Chinese authorities for a long time.
“Qian had reportedly purchased the Bitcoin with funds from an investment fraud committed in China between 2014 and 2017 and is an alleged fugitive from the Beijing authorities.”
Arkham Intelligence
Arkham clarified that the government only gained access to the seized Bitcoins in July 2021.
At the end of February, it was revealed that the UK authorities would have fewer restrictions on confiscating cryptocurrencies. On April 26, 2024, the country will come into force with a law that expands the powers of the National Crime Agency to seize crypto assets linked to suspected illegal activity.
According to the document, local law enforcement agencies can freeze crypto assets associated with criminal activity without conviction.
Read more: UK authorities set deadline to introduce laws on stablecoins and staking