British authorities confiscate more than $1.7 billion worth of Bitcoin connected to China

The Metropolitan Police has announced the confiscation of over 60,000 BTC from a major Chinese investment fraud scheme. The seizure, which took place in 2018, was revealed for the first time during a court hearing in London on Jan. 30. According to a report by the Financial Times, the police recovered more than 61,000 Bitcoin, worth $1.7 billion, from four separate devices stored in a safe deposit box. The cryptocurrency was successfully retrieved in 2021, though details of how it was done were not provided. The ongoing trial is focused on Jian Wen, who is accused of laundering the Bitcoin for her former employer, Yadi Zhang. Zhang is believed to have conducted an investment scam in China from 2014 to 2017, targeting over 128,000 investors. While Zhang remains at large, Wen is accused of helping her convert the illicit Bitcoin into cash, jewelry, and luxury items. This is the second major case to come to light in January, following the seizure of around 50,000 BTC by German authorities in a joint operation targeting an illegal online file-sharing service.