The UK has proposed to establish a compensation scheme for the victims of the 61,000 Bitcoin fraud case.

On October 16, according to the Financial Times, the UK has proposed to establish a compensation mechanism for the victims of a £61,000 Bitcoin fraud case, which may allow the UK Treasury to retain approximately £5 billion of Bitcoin assets. This massive Crypto Assets is at the center of a dispute in the High Court of London, between the UK authorities and thousands of defrauded Chinese investors. The investors believe that the UK government should not profit from this fraud case. The UK Attorney General Stephen Parkinson has informed the victims of the possibility of establishing such a compensation mechanism, but specific details have not yet been released. As early as 2018, police seized 61,000 Bitcoins in a mansion in Hampstead, North London. This batch of Crypto Assets has experienced a big pump in value over the past seven years, currently estimated at around £5 billion. The UK government is currently trying to retain most of this asset. 47-year-old Qian Zhiming, also known as Zhang Yadi, and her 47-year-old Malaysian assistant Seng Hok Ling pleaded guilty to Money Laundering charges last month at the Southwark Crown Court in London, and sentencing is expected next month. The court also learned that UK authorities recently gained access to additional Crypto Assets valued at approximately £67 million. Martin Evans KC, representing the Crown Prosecution Service (CPS), stated in a written statement that Zhang Yadi handed over a ledger and access codes and passwords for two Wallets last month.