UK prosecutors are seeking to confiscate about US$6.8 billion in bitcoin linked to a large-scale fraud scheme in China, with plans to compensate affected investors.

Authorities uncovered 61,000 bitcoin in 2018 during a money laundering probe involving two Chinese women, including Yadi Zhang, who pleaded guilty to related charges last month.

Another US$89.9 million was recovered after Zhang told police she had hidden passwords to two cryptocurrency wallets in clothing she wore during her arrest in April 2024.

The fraud, tied to Tianjin Lantian, targeted about 128,000 investors in China.

Fourteen Chinese nationals have been convicted, while UK prosecutors have not disclosed details of the compensation program.

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🔗 Source: Bloomberg