UK Seizes $6.7 Billion in Bitcoin in Landmark Crypto Fraud Case

The UK government has taken a major step in combating cryptocurrency fraud, seizing nearly $6.7 billion worth of Bitcoin in a historic case that highlights the challenges and opportunities presented by digital asset management. The largest Bitcoin seizure in British history occurred after Zhimin Qian (also known as Zhang Yadi), was found guilty of orchestrating a large-scale Ponzi scheme that defrauded over 128,000 Chinese investors between 2014 and 2017. Authorities seized not only 61,000 Bitcoins but also $11 million in cash and gold.