UK government found to have billions of dollars Bitcoin: Arkham

The UK government was founded by the blockchain analysis platform, which has held billions of dollars in Bitcoin over the past few years.

Based on on-chain analysis data on December 06, Arkham Intelligence found the wallet linked to the UK government and containing 61,245 thousand Bitcoins (BTC) worth $ 6 billion. This wallet also profited from Bitcoin price movement, generating more than $28 million in unrealized profits.

It is stated by Arkham that Bitcoin, owned by the UK government, is a seized asset belonging to fraudster Zhimin Qian, who is committing a multi-billion pound fraud.

“The UK government currently owns $6 billion worth of Bitcoin. They have held this for 3.5 years after it was captured from Zhimin Qian in 2021.”

He stated in his Arkham X post

Although the last active use of this wallet was 3 months ago, the seizure of the confiscated Bitcoin only took place 3 years ago. They bought 2,400 Bitcoins worth $93 million the first time and bought the same amount in a different transaction. In the last one, they bought 19,200 Bitcoins worth $750 million.

Dashboard dedicated to the UK government’s digital presence | Source: Arkham Intelligence UK government indicts Zhimin Qian

Chinese national Zhimin Qian defrauded 130,000 Chinese investors of $5.6 billion between 2014 and 2017. He was recruited by Jian Wen, who was already sentenced to 6 years in prison for his money laundering scheme.

Qian will stand trial at Southwark Crown Court in September next year; Here, the other defendant, Seng Hok Ling, also did not accept the relevant charges.