UK working to sell $7B in seized Bitcoin to boost budget: Report

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.