The UK proposes to establish a compensation scheme for victims of the 61,000 Bitcoin scam

ChainCatcher news, according to the Financial Times, the UK has proposed establishing a compensation mechanism for the victims of a £61,000 Bitcoin scam, which may allow the UK Treasury to retain approximately £5 billion worth of Bitcoin assets.

This massive cryptocurrency asset is at the center of a dispute in the High Court in London, with the UK government on one side and thousands of defrauded Chinese investors on the other. The investors believe that the UK government should not profit from this scam. UK Attorney General Stephen Parkinson has informed the victims that there is a possibility of establishing such a compensation mechanism, but specific details have not yet been disclosed.

As early as 2018, police seized 61,000 Bitcoins from a mansion in Hampstead, North London. This batch of crypto assets has skyrocketed in value over the past seven years, currently estimated at around £5 billion. The UK government is currently trying to retain most of this asset.

47-year-old Qian Zhimin, also known as Zhang Yadi, along with her 47-year-old Malaysian assistant Seng Hok Ling, pleaded guilty to money laundering charges last month at Southwark Crown Court, with sentencing expected next month. The court also learned that UK authorities recently gained access to additional crypto assets valued at approximately £67 million. Martin Evans KC, a representative lawyer for the Crown Prosecution Service (CPS), stated in a written submission that Zhang Yadi handed over a ledger and access codes and passwords for two cryptocurrency wallets last month.