UK Police Seize 61,000 Bitcoins From Huge Chinese Investment Fraud

[sirty143]

UK Police Seize 61,000 Bitcoins From Huge Chinese Investment Fraud

The U.K. Metropolitan Police have reportedly seized more than 61,000 bitcoins from a massive Chinese investment fraud. A British citizen is accused of laundering bitcoin for a Chinese fugitive who allegedly stole roughly $6.4 billion from more than 128,000 investors. See more for yourself here.

Your opinion is greatly appreciated.

[Tribalchief]

This is barely less than 24 hours since I commented on the alleged 50,000 Bitcoin fraud that happened in Germany. The introduction of this context is similar in fashion to the one that happened in Germany. Why do people like to give Bitcoin a bad name? If a non-Bitcoin enthusiast comes across such news headlines, there is a higher tendency that he/she might have a more convincing reason to stay away from Bitcoin due to how the news headlines have presented it.

But when we read through the entire write-up, we realize that the 128,000 investors' funds were never in Bitcoin. The main suspect here allegedly converted all customers' funds to Bitcoin. But the news headline makes it look as if the actual money seized was a Bitcoin investment.

Like I always say, the Bitcoin community doesn't support any form of crypto theft, but that doesn't mean every theft should be labeled around Bitcoin.

[Gurujebs]

The U.K. Metropolitan Police have reportedly seized more than 61,000 bitcoins from a massive Chinese investment fraud. A British citizen is accused of laundering bitcoin for a Chinese fugitive who allegedly stole roughly $6.4 billion from more than 128,000 investors. See more for yourself here.

Your opinion is greatly appreciated.

I want to commend the effort of the government in talking scams and frauds in general and how this Bitcoin were seize because I believe innocent people must have lost their money into bad hands. However, there is this thing the government is doing that I don't like, I feel like the government is another scam or they are just the big scammers that steal from the small scammers. I mean, why didn't they return the stolen coins back to the victims?

It's not like Bitcoin isn't transparent blockchain. The inputs and the outputs are there for the coins to be return to the rightful owner but the government wouldn't do that. They could just ask the heist scammers about where and how the coins came from or make public investigations to return these coins buy the government will not return these coins back to the victim. Will hold it forever and that is bad.

[paid2]

--snip--
It's not like Bitcoin isn't transparent blockchain. The inputs and the outputs are there for the coins to be return to the rightful owner but the government wouldn't do that. They could just ask the heist scammers about where and how the coins came from or make public investigations to return these coins buy the government will not return these coins back to the victim. Will hold it forever and that is bad.

You're promoting a mixing service yourself, so the answer is in your signature: not always easy / possible to return these funds. Adding to all of that, the fact most people are using CEXs (like Binance, Coinbase), so many inputs will be from their hotwallet address so they would basically do a lot of donations to the said CEXs if they send back these coins.

And I disagree, people (governments or not) holding forever are a good thing for BTC and holders in general, at least if you want a high $ value of btc

[tjtonmoy]

--snip--
It's not like Bitcoin isn't transparent blockchain. The inputs and the outputs are there for the coins to be return to the rightful owner but the government wouldn't do that. They could just ask the heist scammers about where and how the coins came from or make public investigations to return these coins buy the government will not return these coins back to the victim. Will hold it forever and that is bad.

You're promoting a mixing service yourself, so the answer is in your signature: not always easy / possible to return these funds. Adding to all of that, the fact most people are using CEXs (like Binance, Coinbase), so many inputs will be from their hotwallet address so they would basically do a lot of donations to the said CEXs if they send back these coins.

And I disagree, people (governments or not) holding forever are a good thing for BTC and holders in general, at least if you want a high $ value of btc

I somewhat agree with this. Even if the blockchain is transparent, finding out those individuals will be as hard as finding a needle in the grass. It is possible but I don't think they will take that much effort to give those money back to people. In some scenarios where you present legit proof of ownership to the feds, they might consider giving it back. But that needs to be a solid proof.

It is already hard to find the scammers and then returning everything by finding out all those people is a pain in the a**. Also, the fact about using exchange wallets makes it more hard. You can't pin point the exact person.