UK Government Holds $6 Billion in Bitcoin

Blockchain analytics platform Arkham Intelligence has uncovered that the UK government possesses a Bitcoin (BTC) wallet containing 61,245 BTC, valued at approximately $6 billion. This revelation highlights the government’s significant holdings, derived from the seizure of assets linked to a multi-billion-pound fraud case.

Key Details

• Arkham Intelligence Findings: On December 6, Arkham reported identifying the wallet tied to the UK government. This wallet, inactive for three months, has accrued $28 million in unrealized profits due to Bitcoin price movements.
• Source of Funds: The Bitcoin was seized in 2021 from Zhimin Qian, a Chinese national implicated in a $5.6 billion scam targeting 130,000 Chinese investors between 2014 and 2017.
• Seizure Timeline: Over three years, the government received the Bitcoin through multiple transactions, including two transfers of 2,400 BTC (worth $93 million each) and a final transfer of 19,200 BTC valued at $750 million.

Legal Context

Zhimin Qian and co-defendant Seng Hok Ling are set to stand trial at Southwark Crown Court in September next year. Jian Wen, an associate of Qian, has already been sentenced to six years for his involvement in the money laundering scheme.

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