British Government Found to Own Billions of Dollars in Bitcoin
Date: 2024-12-06 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Arkham Intelligence has found that a wallet linked to the UK government contains 61,245 Bitcoins worth around $6 billion through blockchain data analysis. The wallet also has unrealized gains from Bitcoin price increases of over $28 million.
According to Arkham, the Bitcoins were seized from fraudster Jimin Qian, who orchestrated a multi-billion dollar fraud scheme.
“The UK government currently holds $6 billion worth of Bitcoins, which have been in their possession for 3.5 years following the seizure of Jimin Qian in 2021,” Arkham said in a statement on X.
The wallet activity dates back three months, but the large transactions involving the confiscated Bitcoins occurred around three years ago. The first transaction was for 2,400 bitcoins worth $93 million, followed by a similar transaction. The most significant transfer involved 19,200 bitcoins worth $750 million.
Jimin Qian, a Chinese national, defrauded 130,000 Chinese investors of $5.6 billion between 2014 and 2017. Her accomplice, Jian Wen, recruited in September 2017, was recruited from an east London fast food chain.
Jian has already been jailed for six years for his role in the money laundering scheme. Jimin will stand trial next September at London's South Royal Court. Also involved in the case is Seng Hock Ling, who has pleaded not guilty to related charges.
The transparency of the blockchain and the availability of transaction data have allowed law enforcement agencies to effectively track stolen funds associated with the use of Bitcoin and freeze the assets.
