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According to a recent announcement by the Financial Times, the United Kingdom police have seized approximately £1.4 billion, or about $1.78 billion worth of Bitcoin (BTC) in an investment fraud operation conducted in China.
Details of the Bitcoin Operation
In a case heard in London, a court announced on Tuesday that it had seized assets as part of the ongoing trial of Jian Wen, who is accused of laundering Bitcoins on behalf of his former employer Yadi Zhang, whose real name is Zhimin Qian.
According to the report, the UK police operation resulted in the recovery of four devices containing over 61,000 BTC worth £1.4 billion, which began in 2018 and was completed in July 2021.
It is reported that Zhang stole approximately £5 billion from over 128,000 investors, which was then converted into Bitcoin. The Southwark Crown Court in London announced that Zhang has been on the run since and is currently a fugitive.
On the other hand, Wen, who denies the charges, is accused of knowingly aiding and abetting Zhang in converting a portion of the Bitcoins into cash, real estate, jewelry, and other luxury expenses.
Furthermore, there is a rumor that Wen attempted to purchase a property in London in 2018 worth £12.5 million. However, the law firm handling the purchase process failed to verify the source of the Bitcoins.
Current State of Bitcoin
Amidst these events, the price of Bitcoin seems to have recovered from its daytime low of $42,500. As of writing, Bitcoin is trading at $43,300, showing a strong stance before the FOMC meeting.
Despite the price recovery, the trading volume has dropped by 6% in the last 24 hours, standing at around $23 billion. The overall volume was just above $850 billion.
