🌋 Chinese Investors Call on Government to Recover Scammed Bitcoins
posted 12 Apr 2024
A group of Chinese investors victimized by a fraudulent scheme has appealed to their government for assistance in reclaiming funds discovered in the UK.
A group of Chinese investors victimized by a fraudulent scheme has appealed to their government for assistance in reclaiming funds discovered in the UK.
They lost their investments through an investment scam run by Tianjin Lantian Gerui Electronic Technology (TLGET), which, between 2014 and 2017, amassed about $6.2 billion from defrauded investors.
The fraud was exposed in 2021 when the perpetrators attempted to purchase a $30 million house with bitcoins and failed to justify the origin of the funds. This incident prompted an investigation that led to the recovery and seizure of 61,000 BTC (valued at approximately $4.3 billion). The victims assert that these seized bitcoins are their lost investments.
The investors are now urging China’s Ministry of Foreign Affairs to initiate diplomatic talks with the UK to secure the return of their bitcoins.
We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us,they stated in their communication to the ministry.
To bolster their case, they have collected around 2,500 signatures from the investors who suffered financial losses due to the TLGET scheme.
The British government has yet to disclose any plans for the seized coins.
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