Overview

• Prosecutors are preparing a valuation case that weighs restitution at original losses of around £640 million against paying the cryptocurrency’s current market value.
• The 61,000 BTC recovered by the Metropolitan Police in 2018 are now worth roughly $7.2 billion, in what police describe as the largest cryptocurrency confiscation on record.
• Zhimin Qian, also known as Yadi Zhang, and associate Seng Hok Ling pleaded guilty on Sept. 29 at Southwark Crown Court to offenses linked to the assets.
• The Treasury has been told not to count any proceeds in the November Budget, and officials warn that attempts to retain a state surplus could prompt litigation that slows victim payments.
• Any realization or distribution would proceed under POCA, the Sentencing Act and ARIS using the UK’s updated custody framework, with potential sale methods including OTC block trades and paced disposals.