A revelation by experts from the analytical platform Arkham Intelligence has unveiled an address linked to the UK government, holding a substantial amount of Bitcoin (BTC).
As of March 4, data indicates that the UK government address contains 61,245 Bitcoins, valued at approximately $4.1 billion at present.
Arkham experts point out that in 2018, UK authorities confiscated 61,000 BTC from two Chinese individuals. Allegedly, Zhiming Qian, the main suspect, acquired cryptocurrency using funds obtained through investment fraud and evaded Chinese authorities for an extended period.
It was clarified by Arkham that the government gained access to the seized Bitcoins only in July 2021.
Recent reports also highlight forthcoming changes in UK legislation concerning cryptocurrency confiscation. Starting April 26, 2024, a new law will grant the National Crime Agency expanded authority to seize crypto assets associated with suspected illegal activities, providing local law enforcement agencies the ability to freeze such assets without requiring a conviction.
