Chinese Prosecutors Seek Confiscation of 61,896 BTC Seized in UK From Massive Fraud: Report

Chinese prosecutors are seeking to confiscate over 61,000 Bitcoin and related assets seized by UK authorities from a massive international fraud scheme. The Tianjin No.2 Intermediate People’s Court accepted the application by the Tianjin Municipal People’s Procuratorate No.2 Branch on Sept. 28 to confiscate illegal proceeds including 61,896.41552945 BTC plus other virtual currencies, cash, jewelry, and financial assets. The assets stem from a 2014-2017 Ponzi-style fraud run by the controller of a Tianjin company that raised over RMB 403.78 billion through false investment schemes, causing over RMB 199.77 billion in losses to more than 102,000 victims. The perpetrator fled to the UK in 2017, where authorities seized the Bitcoin and related holdings valued at several billion pounds.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to The Daily Hodl.