Victims of fraud are urging China to reclaim $4.3 billion in Bitcoin confiscated by British authorities.

A group of victims from an investment fraud scheme orchestrated by a Chinese electronics company is seeking the recovery of $4.3 billion in Bitcoin (BTC) seized by the United Kingdom government. The victims aim to reclaim the cryptocurrency, which was bought with their funds, with assistance from the UK authorities.

The victims, represented by a group, have reached out to the foreign ministry of Beijing, urging them to negotiate with the UK government for the return of the seized Bitcoin. The scheme, conducted by Tianjin Lantian Gerui Electronic Technology from 2014 to 2017, siphoned funds amounting to $6.2 billion.

Having garnered support from nearly 2,500 individuals affected by the scam, the group plans to present their case to both the Chinese Ministry of Public Security and the foreign ministry. They demand cooperation between the Chinese and UK governments, along with evidence to establish their rightful ownership of the Bitcoin.

In their letter to the Chinese government, the victims express adamant refusal to accept a scenario where the Bitcoin remains confiscated by the UK. They underscore the urgency of its return to them.

The UK government has yet to disclose its course of action regarding the seized cryptocurrency. The funds were confiscated following an attempt by former hospitality worker Jian Wen to purchase a $30 million mansion using BTC, which raised suspicions due to unexplained sources of the funds.

Wen's actions prompted an investigation leading to a raid in 2021, during which authorities discovered 61,000 BTC in a property linked to Wen and her boss, Zhimin Qian, the alleged mastermind behind the investment fraud. Although initially claiming the Bitcoin was mined, Wen later altered her statement, citing it as a "love present" from Qian, who had fled the UK.

Wen faced charges of money laundering, to which she pleaded not guilty. However, the Southwark Crown Court convicted her on March 20 of three counts of money laundering between October 2017 and January 2022.