Arkham Unearths $4.1 Billion in Bitcoin in UK Government Wallet
Researchers from the analytical platform Arkham Intelligence have made an intriguing discovery regarding the UK government. As of March 4, they have found an address linked to the government that holds a substantial amount of Bitcoin (BTC). Specifically, there are 61,245 Bitcoins, valued at approximately $4.1 billion at the time of writing.
The origins of these Bitcoins can be traced back to a case in 2018, where the UK police confiscated 61,000 BTC from two Chinese individuals. The main suspect, Zhiming Qian, had allegedly purchased cryptocurrency using funds acquired through investment fraud and managed to evade Chinese authorities for an extended period.
It is important to note that it was only in July 2021 that the government obtained access to these seized Bitcoins, as confirmed by Arkham Intelligence.
In a related development, it was recently announced that the UK authorities will have more leeway in confiscating cryptocurrencies. Starting from April 26, 2024, a new law will grant the National Crime Agency expanded powers to seize crypto assets associated with suspected illegal activities. This legislation will enable local law enforcement agencies to freeze crypto assets without requiring a conviction.
For more information on UK regulations pertaining to stablecoins and staking, please refer to our previous article. And don’t forget to follow us on Google News for the latest updates.
