Arkham discovers UK government wallet with $4.1b in BTC

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Consultants from the analytical platform Arkham Intelligence have found an tackle related to the UK authorities.

In accordance with information from March 4, 61,245 Bitcoins (BTC) are held on the UK authorities tackle, roughly $4.1 billion on the time of writing.

In accordance with consultants, in 2018, UK police confiscated 61,000 BTC from two Chinese language residents. The supply says that between 2014 and 2017, the suspect, Zhiming Qian, bought cryptocurrency with funds obtained on account of funding fraud and hid from Chinese language authorities for a very long time.

“Qian had reportedly bought the Bitcoin with funds from an funding fraud dedicated in China between 2014 and 2017 and is an alleged fugitive from the Beijing authorities.”

Arkham Intelligence

Arkham clarified that the federal government solely gained entry to the seized Bitcoins in July 2021.

On the finish of February, it was revealed that the UK authorities would have fewer restrictions on confiscating cryptocurrencies. On April 26, 2024, the nation will come into pressure with a regulation that expands the powers of the Nationwide Crime Company to grab crypto belongings linked to suspected criminal activity.

In accordance with the doc, native regulation enforcement businesses can freeze crypto belongings related to legal exercise with out conviction.

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