The U.K. Metropolitan Police have reportedly confiscated over 61,000 bitcoins from a massive Chinese investment scam. A British citizen is accused of laundering bitcoin for a Chinese fugitive who allegedly stole approximately $6.4 billion from more than 128,000 investors.
British Police Seize Over 61,000 Bitcoins
The U.K. Metropolitan Police have seized more than 61,000 bitcoins from a massive investment scam in China, making it one of the largest cryptocurrency seizures globally, according to the Financial Times. The bitcoin seizure was disclosed during the trial of Jian Wen, a 42-year-old British citizen who is accused of laundering bitcoin for her former employer, Zhimin Qian (also known as Yadi Zhang), an alleged fugitive from China. Wen moved to the U.K. in 2007 from China and became a British citizen in 2018.
The trial, which started at Southwark Crown Court on Monday, revealed that the seized BTC originated from an investment scam conducted by Zhang in China between 2014 and 2017. In 2018, the U.K. police seized four devices containing more than 61,000 bitcoins from a safety deposit box and a residence shared by Wen and Zhang. At the time of recovery, the seized bitcoin was valued at nearly $1.8 billion in July 2021. However, it has since appreciated to $2.6 billion, based on the current price of $43,049 per BTC.
Zhang allegedly stole $6.4 billion from over 128,000 investors and converted the funds into BTC. Prosecutors claim that she entered London in 2017 using a false identity but has since fled the U.K. and is currently at large.
Although Wen pleads not guilty to involvement in the underlying fraud, she is accused of knowingly assisting in the conversion of Zhang's bitcoin into cash, jewelry, luxury items, and property. Gillian Jones KC, counsel for the Crown Prosecution Service, stated:
Ms. Wen had been entrusted not only with copies of the passwords and passphrases to access the laptops [containing the bitcoin] but also with access to the storage location of the laptops.
This week, the Saxony state police in Germany also revealed that approximately 50,000 bitcoins had been seized in a case described as "the most extensive seizure of bitcoins by law enforcement authorities in the Federal Republic of Germany to date."
What are your thoughts on the U.K. police seizing 61,000 bitcoins from a massive scam in China? Share your opinion in the comments section below.
Frequently Asked Questions
Is it a good retirement strategy to buy gold?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
The most popular form of investing in gold is through physical bullion bars. There are many ways to invest your gold. It's best to thoroughly research all options before you make a decision.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you need cash flow from an investment, purchasing gold stocks is a good choice.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
What are the advantages of a gold IRA
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It's tax-deferred until you withdraw it. You control how much you take each year. And there are many different types of IRAs. Some are better suited to college savings. Others are intended for investors seeking higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. These earnings don't get taxed if they withdraw funds. So if you're planning to retire early, this type of account may make sense.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA, you don't have to worry about paying taxes on your gains while you wait to access them. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another benefit of owning gold through an IRA is that you get to enjoy the convenience of automatic withdrawals. This eliminates the need to constantly make deposits. To ensure that you never miss a payment, you could set up direct debits.
Finally, gold is one of the safest investment choices available today. Because it isn't tied to any particular country its value tends be steady. Even in times of economic turmoil gold prices tend to remain stable. Therefore, gold is often considered a good investment to protect your savings against inflation.
Which precious metals are best to invest in retirement?
Gold and silver are the best precious metal investments. Both can be easily bought and sold, and have been around since forever. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: One of the oldest forms of currency, gold, is one of mankind's most valuable. It is very stable and secure. This makes it a good option to preserve wealth in uncertain times.
Silver: Silver is a popular investment choice. It's a great option for those who want stability. Silver tends to move up, not down, unlike gold.
Platinium is another precious metal that is becoming increasingly popular. Like gold and silver, it's very durable and resistant to corrosion. It's also more expensive than the other two.
Rhodium – Rhodium is used to make catalytic conversions. It is also used in jewelry-making. It's also relatively inexpensive compared to other precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Can I keep physical gold in an IRA?
Gold is money and not just paper currency. It's an asset that people have used for thousands of years as a store of value, a way to keep wealth safe from inflation and economic uncertainty. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans now invest in precious metals. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold is liquid. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. You can buy gold in small amounts because it is so liquid. This allows you to profit from short-term fluctuations on the gold market.
Is gold a good IRA investment?
Anyone who is looking to save money can make gold an excellent investment. You can also diversify your portfolio by investing in gold. There is much more to gold than meets your eye.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It is often called “the most ancient currency in the universe.”
But gold is mined from the earth, unlike paper currencies that governments create. That makes it very valuable because it's rare and hard to create.
Gold prices fluctuate based on demand and supply. People tend to spend more when the economy is healthy, which means that fewer people are able to mine gold. As a result, the value of gold goes up.
The flip side is that people tend to save money when the economy slows. This increases the production of gold, which in turn drives down its value.
This is why both individuals as well as businesses can benefit from investing in gold. You will benefit from economic growth if you invest in gold.
Also, your investments will earn you interest which can help increase your wealth. Plus, you won't lose money if the value of gold drops.
Should you open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. There are no ways to recover the money you lost in an investment. This includes all investments that are lost to theft, fire, flood, or other causes.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items have been around for thousands of years and represent real value that cannot be lost. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. You should also consider using a third party custodian to protect your assets and give you access at any time.
If you decide to open an account, remember that you won't see any returns until after you retire. So, don't forget about the future!
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
investopedia.com
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not exactly legal – WSJ
bbb.org
finance.yahoo.com
How To
Investing In Gold vs. Investing In Stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because many people believe that gold investment is no longer profitable. This belief arises because most people believe that the global economy is driving down gold prices. People believe that investing in gold would result in them losing money. In reality, however there are still many significant benefits to gold investing. We'll be looking at some of these benefits below.
One of the oldest forms known of currency is gold. It has been in use for thousands of year. It was used all around the world as a reserve of value. As a means of payment, South Africa and many other countries still rely on it.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. It is important to determine the price per gram you are willing and able to pay for gold bullion. You could contact a local jeweler to find out what their current market rate is.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. Although the price of gold has dropped, production costs have not.
Another thing to remember when thinking about whether or not you should buy gold is the amount of gold you plan on purchasing. It makes sense to save any gold you don't need to purchase if your goal is to use it for wedding rings. This is not a wise decision if you're looking to invest in long-term assets. You can profit if you sell your gold at a higher price than you bought it.
We hope our article has given you a better understanding of gold as an investment tool. Before making any investment decisions, we strongly advise that you thoroughly research all options. Only after you have done this can you make an informed choice.
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By: Kevin Helms
Title: UK Police Seize 61,000 Bitcoins From Massive Chinese Investment Scam
Sourced From: news.bitcoin.com/uk-police-seize-61000-bitcoins-from-huge-chinese-investment-fraud/
Published Date: Fri, 02 Feb 2024 00:30:35 +0000
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