UK plans to compensate Chinese victims of $6.8 billion Bitcoin scam

Despite the British government's intention to retain most of the funds, British prosecutors are planning to compensate victims of a nearly $7 billion Bitcoin scam in China. In September, Chinese citizen Qian Zhimin pleaded guilty to possessing $6.8 billion worth of Bitcoin as criminal property. Between 2014 and 2017, Qian defrauded over 128,000 Chinese citizens through fraudulent investments. Qian then converted the proceeds into Bitcoin and attempted to launder them, then fled to the UK using forged documents. Scotland Yard seized the stolen Bitcoin between 2018 and 2021.