HUGE LOSSES
Police surveillance of Qian’s co-defendant Ling led to her arrest in April 2024, and money, gold and cryptocurrencies totalling 11 million kilos have been seized.
Earlier than the arrest, London police made what they consider to be the biggest cryptocurrency seizure in historical past: greater than 61,000 bitcoins, value over US$6 billion at present charges.
William Glover of legislation agency Fieldfisher instructed AFP the case was “presumably the biggest authorized case of its type by way of worth involving a person and never a company”.
A few of his shoppers had suffered huge private losses that had affected their lives, marriages and households, he stated.
In line with Jackson Ng of Duan & Duan, who’s representing different buyers, the defendant organised public occasions whereas claiming to have authorities assist.
Individuals who weren’t seasoned buyers and weren’t “going to test all the things” have been drawn in and exploited, he stated.
One Chinese language couple, workplace staff of their 40s, misplaced a whole lot of 1000’s of {dollars} that they had saved for his or her retirement and their daughter, after attending a presentation in 2016.
The promised return on their funding stopped being paid out in 2017. Their daughter has now damaged off all contact with them, Ng stated.
Fuelled by rising curiosity, bitcoin, which was buying and selling at round US$3,600 on the finish of 2018, is presently hovering round US$100,000.
Particulars of a compensation scheme proposed by the British authorities are nonetheless being thrashed out in London’s Excessive Courtroom in civil proceedings.
Round 1,300 alleged victims have come ahead, in accordance with sources near the case.
