The UK Metropolitan Police Seizes Over £1.4 Billion in Bitcoin
In a significant development, the UK Metropolitan Police has confiscated more than £1.4 billion ($1.77 billion) worth of bitcoin (BTC). This seizure stands out as one of the largest crypto seizures by law enforcement globally, as reported by the Financial Times.
“Jian Wen, 42, is on trial, accused of laundering Bitcoin on behalf of her former employer, Yadi Zhang (real name Zhimin Qian).”
“The latter is an alleged fugitive from the Beijing authorities. She has also fled the UK.”
The seized funds were linked to a massive investment fraud in China, according to details presented in a London court. The prosecution stated that Zhang was involved in a major investment scam in China, siphoning off around £5 billion from over 128,000 investors between 2014 and 2017. These illicit funds were later converted into BTC.
- The UK police discovered over 61,000 BTC on four devices in a safety deposit box and a property shared by Wen and Zhang in 2018.
- Subsequently, in July 2021, the police were able to recover the entire BTC haul, now valued at roughly £1.4 billion.
Digital Assets Association (DAA) Launches to Shape Institutional Crypto Landscape
In recent crypto news, the Digital Assets Association (DAA) made its official debut, marking a significant milestone in the realm of institutional digital assets. As per the press release shared with Cryptonews, the DAA serves as a pioneering transnational entity dedicated to promoting the responsible advancement and adoption of institutional digital assets.
“The DAA committee comprises industry leaders deeply committed to the future potential of digital assets.”
The launch of the DAA signifies a crucial progression within the financial sector, aiming to foster enhanced cooperation among industry participants and key stakeholders. By uniting financial institutions, fintech firms, technology providers, and legal and regulatory specialists, the DAA seeks to bridge the gap between traditional finance (TradFi) and the transformative capabilities of tokenized real-world assets (RWA).
- The DAA’s objectives include sharing knowledge and best practices through collaborative working groups, conferences, and online resources.
- It also seeks to establish industry standards, engage with policymakers to establish supportive legal frameworks, and empower future leaders through training and mentorship initiatives.
