UK officials debate whether to retain $6.4 billion in seized Bitcoin from fraud case, instead of distributing full $7.24 billion value to victims. Assets seized in 2018 from scammers who defrauded 128,000 investors in China. Treasury considers using windfall to offset $40.5 billion budget deficit, sparking legal concerns and internal debate.

Seized assets from Chinese national and Malaysian assistant, Zhimin Qian and Seng Hok Ling, who defrauded 128,000 victims in China. The London Metropolitan Police seized the largest amount of cryptocurrency in history, worth millions. Seven-year investigation into international money laundering led to guilty pleas and asset seizure. Qian attempted to launder proceeds in 2018, arrested in April 2024 with encrypted devices, cash, and gold.

Earlier seizures include $40 million from TradeOgre by Canadian police, criticized for lack of KYC checks. US Justice Department seizes $2.8 million in crypto from ransomware operator. Secret Service seizes nearly $400 million in digital assets over past decade. Sweden’s justice minister calls for crackdowns to yield larger asset seizures, including cryptocurrency. Coinbase assists US Secret Service in seizing $225 million in crypto from scammers, agency’s largest seizure.

Read more at Cointelegraph: Britain Weighs Holding Surplus From $6.4B Bitcoin Scam Bust