The UK government is preparing to offload a massive Bitcoin haul seized in connection with a Chinese Ponzi scheme, according to a report by The Telegraph.
The stash, reportedly worth at least $7 billion and containing 61,000 BTC, has become a point of focus for both law enforcement and the Treasury.
Recovered as part of a money-laundering investigation, the digital assets are at the center of a legal dispute. Although victims have requested restitution, prosecutors have asked the High Court for permission to keep the funds, which would then be funneled into public coffers.
Amid budget pressures, Chancellor Rachel Reeves is reportedly monitoring the situation closely. She has previously expressed interest in collaborating with U.S. regulators to establish a clearer framework for the crypto industry.
Separately, the Home Office is seeking a firm to manage the storage and sale of seized crypto through a four-year contract worth up to $53.7 million. But the search for qualified bidders has so far been unsuccessful. The tender also notes that finalizing legal procedures can take several years, adding uncertainty to the timeline for any future sale.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/uk-eyes-7-billion-bitcoin-sale-as-treasury-seeks-budget-relief/