Key Points
- The UK government is found to hold $6 billion worth of Bitcoin, which is a seized asset from a fraudster.
- The fraudulent individual, Zhimin Qian, is set to face trial in September next year.
Arkham Intelligence, a blockchain analysis platform, has revealed that the UK government has been holding a significant amount of Bitcoin over the past few years.
Through on-chain analytics data, Arkham discovered a wallet linked to the UK government. This wallet contains 61.245k Bitcoin, equivalent to $6 billion.
Seized Bitcoin from Fraudulent Activities
Arkham has clarified that the Bitcoin in the UK government’s possession is a seized asset. It was confiscated from Zhimin Qian, a fraudster involved in a multi-billion-pound scam.
According to Arkham, “The UK government now holds $6 billion USD of Bitcoin. They have been holding this for 3.5 years after its seizure from Zhimin Qian in 2021.”
Despite the wallet’s inactivity in the last three months, the seized Bitcoin was only obtained three years ago. Initially, the government received 2,400 Bitcoins worth $93 million, followed by another transaction of the same amount. In the final transaction, they received 19,200 Bitcoin valued at $750 million.
The Case Against Zhimin Qian
Zhimin Qian, a Chinese national, is accused of defrauding 130,000 Chinese investors of $5.6 billion between 2014 and 2017. Qian was recruited by Jian Wen, who is currently serving a six-year prison sentence for his involvement in the money laundering scheme.
Qian is scheduled to face trial in September of the following year at Southwark Crown Court. Seng Hok Ling, a co-defendant, has also pleaded not guilty to related charges.