UK working to sell $7B in seized Bitcoin to boost budget: Report
2025-07-21 03:58:56
Main Idea
The UK Treasury is reportedly planning to sell $7 billion worth of seized Bitcoin to address budget deficits, but the sale faces legal challenges from victims of a Chinese Ponzi scheme who claim ownership of the Bitcoin.
Key Points
1. The UK Treasury is considering selling up to $7 billion worth of Bitcoin seized from a Chinese Ponzi scheme in 2018 to help fill the country's budget deficit.
2. Victims of the Ponzi scheme are contesting the sale, demanding the return of the Bitcoin, which complicates the UK's plans.
3. The Bitcoin was seized in 2018 after an individual attempted to launder funds from the Ponzi scheme by purchasing a mansion with BTC.
4. A group representing the victims has requested China's Foreign Affairs Ministry to negotiate with the UK for the return of the Bitcoin.
5. The Crown Prosecution Service has sought court approval to distribute the seized Bitcoin among law enforcement agencies, pending legal resolution.
Description
A new report suggests the UK Treasury is working to sell up to $7 billion worth of seized Bitcoin, but one person has slammed the report as “sensationalism” amid a crypto bull run.
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