PANews reported on October 16th that, according to Decrypt, British prosecutors are planning to compensate victims of a nearly $7 billion Bitcoin scam in China, despite the UK government's intention to retain most of the funds. In September of this year, Chinese citizen Qian Zhimin pleaded guilty to possessing $6.8 billion worth of Bitcoin as criminal property. Between 2014 and 2017, Qian Zhimin defrauded over 128,000 Chinese citizens through fraudulent investments. Qian then converted the proceeds into Bitcoin and attempted to launder them, then fled to the UK using forged documents. Scotland Yard seized the stolen Bitcoin between 2018 and 2021. Prosecutors have yet to release details of the compensation package. Jackson Ng, a lawyer representing the investors, stated, "Given the unprecedented scale of the seizure and the public debate over the potential profits, our position is clear: compensating victims must be a priority." However, Nick Harris, CEO of the UK-based crypto asset recovery firm CryptoCare, warned that the UK may retain the seized Bitcoin under relevant laws and mechanisms, potentially leaving victims disappointed.PANews reported on October 16th that, according to Decrypt, British prosecutors are planning to compensate victims of a nearly $7 billion Bitcoin scam in China, despite the UK government's intention to retain most of the funds. In September of this year, Chinese citizen Qian Zhimin pleaded guilty to possessing $6.8 billion worth of Bitcoin as criminal property. Between 2014 and 2017, Qian Zhimin defrauded over 128,000 Chinese citizens through fraudulent investments. Qian then converted the proceeds into Bitcoin and attempted to launder them, then fled to the UK using forged documents. Scotland Yard seized the stolen Bitcoin between 2018 and 2021. Prosecutors have yet to release details of the compensation package. Jackson Ng, a lawyer representing the investors, stated, "Given the unprecedented scale of the seizure and the public debate over the potential profits, our position is clear: compensating victims must be a priority." However, Nick Harris, CEO of the UK-based crypto asset recovery firm CryptoCare, warned that the UK may retain the seized Bitcoin under relevant laws and mechanisms, potentially leaving victims disappointed.
UK plans to compensate Chinese victims of $6.8 billion Bitcoin scam
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PANews reported on October 16th that, according to Decrypt, British prosecutors are planning to compensate victims of a nearly $7 billion Bitcoin scam in China, despite the UK government's intention to retain most of the funds. In September of this year, Chinese citizen Qian Zhimin pleaded guilty to possessing $6.8 billion worth of Bitcoin as criminal property. Between 2014 and 2017, Qian Zhimin defrauded over 128,000 Chinese citizens through fraudulent investments. Qian then converted the proceeds into Bitcoin and attempted to launder them, then fled to the UK using forged documents. Scotland Yard seized the stolen Bitcoin between 2018 and 2021.
Prosecutors have yet to release details of the compensation package. Jackson Ng, a lawyer representing the investors, stated, "Given the unprecedented scale of the seizure and the public debate over the potential profits, our position is clear: compensating victims must be a priority." However, Nick Harris, CEO of the UK-based crypto asset recovery firm CryptoCare, warned that the UK may retain the seized Bitcoin under relevant laws and mechanisms, potentially leaving victims disappointed.
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