Chinese Woman Convicted After 'World's Biggest' Bitcoin Seizure (bbc.com)
- Reference: 0179606038
- News link: https://yro.slashdot.org/story/25/09/30/2035246/chinese-woman-convicted-after-worlds-biggest-bitcoin-seizure
- Source link: https://www.bbc.com/news/articles/cy0415kk3rzo
> A Chinese national has been convicted following an international fraud investigation which resulted in what's believed to be the [1]single largest cryptocurrency seizure in the world . The Metropolitan Police says it recovered 61,000 bitcoin worth more than $6.7 billion in current prices. Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court of illegally acquiring and possessing the cryptocurrency. A second person appeared in court on Tuesday to admit to their role in the scheme.
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> Malaysian national Seng Hok Ling, of Matlock, Derbyshire, pleaded guilty at Southwark Crown Court of entering into a money laundering arrangement on or before April 23, 2024. According to the charge, he had been dealing in cryptocurrency on Qian's behalf, "knowing or suspecting his actions would facilitate the acquisition or control of criminal property by another." Between 2014 and 2017 Qian led a large-scale scam in China which involved cheating more than 128,000 victims and storing the stolen funds in bitcoin assets, the Met said in a statement.
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> It said the 47-year-old's guilty plea followed a seven-year probe into a global money laundering web which began when it got a tipoff about the transfer of criminal assets. Qian had been "evading justice" for five years up to her arrest, which required a complex investigation involving multiple jurisdictions, said Detective Sergeant Isabella Grotto, who led the Met's investigation. She fled China using false documents and entered the UK, where she attempted to launder the stolen money by buying property, said the Met.
"By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation, and to reassure them that the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses," said Qian's solicitor Roger Sahota, of Berkeley Square Solicitors.
"Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct," added deputy chief Crown prosecutor, Robin Weyell. "This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters."
[1] https://www.bbc.com/news/articles/cy0415kk3rzo
UK government will seek to retain the seized funds (Score:1)
Reports have suggested the UK government will seek to retain the seized funds to pay off its own debts, rather than returning the funds to the victims.
On what basis can the UK government simply steal funds like this? Are they lead by Trump?
Re: (Score:2)
Nice try leftoid. Except it was actually Trump's arch nemesis, Obama (his DOJ), who seized what was now the 2nd largest bitcoin ever (silk road). Trump is pro crypto.
Re:UK government will seek to retain the seized fu (Score:5, Informative)
Which reports are these? Can you offer a citation rather than a vague accusation?
In the UK seized assets are returned to direct victims if they can be identified and if not they are used to fund the Criminal Injuries Compensation Authority, which provides compensation the blameless victims of crimes. Seized funds are generally not allowed to be used by the police (unlike in the USA) since legislators (rightly) believe that it would bias the police to be more inclined to seize assets.
Re: (Score:2)
> RTFA. BBC reported that.
No. The article says:
> "Some reports have suggested the UK government will seek to retain the seized funds."
The post I replied to said:
> "Reports have suggested the UK government will seek to retain the seized funds to pay off its own debts,... "
It's normal for seized funds to be retained, and they are given to the CICA. It's highly unusual to use them for paying the government's debts.
UK will keep majority of crypto appreciation .. (Score:3)
but repay the original much smaller value amount of scam to its Chinese victims. That is how it works since the fraudsters purchased the Bitcoin on their own initiative in the commitment of the fraud.
Increasingly? (Score:5, Insightful)
> Bitcoin and other cryptocurrencies are increasingly being used by organised criminals...
Increasingly? They have been the biggest adopters since day one.
Re: (Score:2)
>> Bitcoin and other cryptocurrencies are increasingly being used by organised criminals...
> Increasingly? They have been the biggest adopters since day one.
Strictly speaking, this isn't an "either / or" thing. You can both be right here.
Re: (Score:2)
I'm guessing organized crime using crypto now is like Disney doing streaming after Netflix proved the business model.
Stopped reading at .. (Score:2)
.. significant rise in the value of cryptocurrency ...
Haha. Let me guess. Any mention of if the law agencies umm.. participate.. in the proceeds of crime? Gasp! Wouldn't that be shocking.
They should transfer the coins to their own wallet (Score:3)
And delete the keys. Coins gone forever.
Re: (Score:3)
> They should transfer the coins to their own wallet.. And delete the keys. Coins gone forever.
Who is they and why should they do this?
Re: (Score:1)
Yea, fuck compensating the victims! Delete them for the memes!!
Asshole
Re: (Score:2, Insightful)
Which victims?
The ones you can't really identify, because of the pseudonymity of bitcoin?
If they traced it back through the block chain, how do they know if the wallet belongs to a legitimate victim, or one of the scammers? Or if they've gone back too far?
Re: (Score:2)
I know RTFA is a big ask, but for fuck sake, read the fucking summary.
Re:They should transfer the coins to their own wal (Score:4, Informative)
Which victims?
The ones you can't really identify, because of the pseudonymity of bitcoin?
The victims were scammed the old fashioned way. The ill-gotten gains were then converted to Bitcoin.
Re: (Score:2)
> 1: "Code is Law", right?
Ethereum people say that, not Bitcoin.