Victims of a massive investment fraud in China are appealing to their government to help recover $4.3 billion worth of Bitcoin that was seized by UK police during a raid in 2021. The cryptocurrency was linked to a fraudulent scheme operated by Tianjin Lantian Gerui Electronic Technology, which deceived investors out of $6.2 billion between 2014 and 2017.
Appeal for Government Intervention
A group representing the victims has taken significant steps to urge the Chinese government’s involvement, submitting a letter to the Ministry of Foreign Affairs of China and the Ministry of Public Security. The letter requests assistance in negotiating with the UK to secure the return of the seized Bitcoin. The group has also gathered almost 2,500 signatures from affected individuals, which they plan to present to both ministries to bolster their case.
Details of the Seizure
The call for action follows the UK authorities’ discovery of 61,000 BTC at a property linked to the scam. The property was rented by Jian Wen, a former hospitality worker implicated in attempting to launder part of the stolen funds by purchasing a $30-million mansion using Bitcoin. The failed purchase led to a broader investigation that ultimately exposed the large cache of Bitcoin connected to the scheme.
Fluctuating Value of Seized Assets
The value of the seized Bitcoin has dramatically increased since the raid, rising from $1.7 billion in 2021 to approximately $4.3 billion today, reflecting the volatile nature of cryptocurrency prices. This increase has further intensified the victims’ demands for the return of the assets, which they claim are rightfully theirs.
Legal Developments
Jian Wen, who initially claimed the Bitcoin was mined before changing her story to describe it as a “love present” from Zhimin Qian—the alleged mastermind behind the fraud—who has since fled the UK, was recently found guilty of money laundering charges by Southwark Crown Court.
Government Response and Potential Outcomes
While the UK government has yet to specify how it intends to handle the seized Bitcoin, the involvement of the Chinese government could play a crucial role in determining the outcome of this case. The victims hope that international cooperation will lead to the recovery and return of their funds, providing some measure of restitution for their losses.
