The UK Proposes Compensation Plan for 61,000 Bitcoin Scam Victims

BlockBeats News, October 16th, according to the Financial Times, the UK has proposed to establish a compensation mechanism for the victims of a 61,000 Bitcoin fraud case, which could allow the UK Treasury to seize around £5 billion in Bitcoin assets. This substantial cryptocurrency asset is currently at the center of a dispute in the London High Court, with the UK government on one side and thousands of defrauded Chinese investors on the other. Investors argue that the UK government should not profit from this fraud case.

The UK Solicitor General Stephen Parkinson has informed the victims of the possibility of establishing such a compensation mechanism, but specific details have not been disclosed. As early as 2018, the police had seized 61,000 Bitcoins in a mansion in Hampstead, North London. The value of these crypto assets has skyrocketed in the past seven years and is currently valued at around £5 billion. The UK government is currently attempting to retain most of these assets.

47-year-old Qian Zhimin, also known as Zhang Yadie, pleaded guilty to money laundering charges along with her 47-year-old Malaysian assistant Seng Hok Ling at Southwark Crown Court in London last month, with sentencing expected next month.

The court also learned that the UK authorities recently gained access to additional crypto assets worth around £67 million. Martin Evans KC, a representative lawyer from the UK Crown Prosecution Service (CPS), stated in written submissions that Zhang Yadie handed over a ledger and access codes and passwords for two cryptocurrency wallets last month.