- The UK government now holds 61.245K Bitcoin, valued at $6 billion, seized from fraudster Zhimin Qian.
- The Bitcoin surge has added $28 million in unrealized profits to the UK government’s crypto portfolio.
- Zhimin Qian, a Chinese fraudster, defrauded 130,000 investors, leading to the BTC seizure.
The UK government’s Bitcoin holdings have recently caught attention after blockchain analytics firm Arkham Intelligence discovered the wallet containing a staggering 61.245K BTC, valued at $6 billion. The discovery highlights the government’s role in crypto assets, particularly as the value of seized assets rose significantly due to market fluctuations.
Bitcoin Surge Boosts UK Government’s Portfolio
Arkham’s on-chain data, released on December 6, revealed that the UK government now controls 61.245K Bitcoin, which has gained over $28 million in unrealized profits. With the current price of Bitcoin at $97,620, the seized assets’ value skyrocketed, significantly contributing to the government’s growing crypto portfolio. The surge is notable in a relatively short time frame.
The Bitcoin held by the UK government was seized from Zhimin Qian, a notorious fraudster behind a multi-billion-pound scam. Arkham reported that Qian’s criminal activity led to the seizure of a vast quantity of Bitcoin, which has since appreciated, further cementing the government’s role in managing digital assets seized from criminals.
Fraudster’s Scam and Legal Consequences
Zhimin Qian, a Chinese national, defrauded over 130,000 Chinese investors between 2014 and 2017, amounting to $5.6 billion in losses. She was recruited in 2017 by Jian Wen, who had connections to an East London fast food chain. Qian’s operations were detected through blockchain’s transparency, which allowed authorities to track her illicit activities.
The UK government received its first BTC seizure from Qian’s operation in 2021, starting with 2,400 BTC valued at $93 million. Another 2,400 BTC followed this, and a large transfer of 19,200 BTC worth $750 million. Despite the wallet being inactive for the past three months, the seized Bitcoins have continued to appreciate.
A U.K. jury found sufficient evidence linking Jian to Qian Zhimin on March 20, the mastermind behind a multi-year Bitcoin fraud scheme affecting 130,000 investors in China. Between 2017 and 2022, Zhimin raised billions using seven offices and 10 firms across Asia.
Jian, recruited in 2017 from an East London fast food store, denied wrongdoing, but government lawyers argued she benefited from illicit wealth and knew of Zhimin’s operations. Qian is set to face trial in September 2025 at Southwark Crown Court for her crimes. Her co-defendant, Seng Hok Ling, has pleaded not guilty to the charges. The case has drawn attention due to the scale of the fraud.
Read more: Crypto Scam Crisis: Unveiling the Countries Driving Global Fraud
