According to crypto analytics firm Arkham Intelligence, London’s Metropolitan Police holds more than $3.88 billion worth of Bitcoin (BTC) following a massive seizure in 2018.
Arkham notes The United Kingdom’s law enforcement agency seized 61,000 Bitcoin from Jian Wen and Zhimin Qian in 2018 and subsequently gained access to the crypto assets years later.
“The UK Metropolitan Police seized 61,000 Bitcoin (currently worth $4 billion) from Jian Wen and Zhimin Qian in 2018, and gained access to the seized BTC in July 2021.
Qian reportedly bought Bitcoin with money from investment fraud committed in China between 2014 and 2017, and is an alleged fugitive from authorities in Beijing.
Jian was recently tried in Britain for money laundering in a $6.5 billion fraud that affected more than 100,000 Chinese residents. Prosecutors say she converted Bitcoin into cash and property.
However, Jian’s lawyers claim that Zhimin was the mastermind behind the fraud and that Jian, a British citizen, did not know the money was related to crime, according to a recent report from Bloomberg. Prosecutors do not allege Jian was involved in the initial fraud.
Police have reportedly put together a 40-person team dedicated to cracking down on crypto crime, and in October the Financial Times reported that the team was working on 19 active criminal investigations based on 74 “intelligence referrals.”
Bitcoin is trading at $63,363 at the time of writing. The highest-ranked crypto asset by market capitalization has fallen more than 7% in the past 24 hours.
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