UK Govt.’s “Seized” Bitcoin Holding Now Valued at $6 Billion

As BTC price breaks above $100,000, the United Kingdom government’s Bitcoin holding has reached over $6 billion in valuation. This not-so-known BTC holding was seized from Zhimin Qian in 2021 after money laundering allegations. According to Arkham Intelligence data, the entity flagged “U.K. Government” holds 61,245 BTC and these assets have never been moved since […]

Business Dec 6, 2024 0 6 Add to Reading List

UK Govt.’s “Seized” Bitcoin Holding Now Valued at $6 Billion

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As BTC price breaks above $100,000, the United Kingdom government’s Bitcoin holding has reached over $6 billion in valuation. This not-so-known BTC holding was seized from Zhimin Qian in 2021 after money laundering allegations.

According to Arkham Intelligence data, the entity flagged “U.K. Government” holds 61,245 BTC and these assets have never been moved since 2021.

The funds were seized by the UK government from Chinese national Qian Zhimin who fled the country after defrauding investors and stole nearly $5.6 billion.

While Zhimin is set to go on trial in September of next year, her accomplice Jian Wen has already been sentenced six years prison for the money laundering charges by the Southwark Crown Court.

Currently, it’s not clear whether these funds will be returned to investors or the UK government seizure is permanent. As the trial on Zhimin has not come to an end yet, the funds are expected to sit idle in the wallet.