UK Eyes $6.7 Billion Bitcoin Sale To Ease Budget Crunch, But Ponzi Victims Want It Back

The UK treasury is looking to sell over £5 billion ($6.7 billion) in seized Bitcoin to help reduce the country’s budget deficit, but critics are challenging the ownership of the BTC.

That’s according to a report in the Daily Telegraph, which says Chancellor of the Exchequer Rachel Reeves and the Home Office are working with law enforcement officials to sell the UK’s Bitcoin stash.

BTC

Ponzi Scheme Victims Want Their BTC Back

Police handle seized crypto sales in the UK, but Reeves has reportedly stepped in after the crypto market rallied to boost the value of the government’s holdings.

The total amount of Bitcoin the UK government holds is unknown, but contains at least 61,000 BTC that was seized from a Chinese Ponzi scheme in 2018 that was being held in the UK. 

Those seized assets alone are worth over $7.2 billion with Bitcoin’s price standing at $118,616 as of 2:28 a.m. EST. 

The potential sale of the seized Bitcoin could face complications, however, given the fact that the victims of that Chinese Ponzi scheme have been calling for the return of their Bitcoin since 2024.

UK Wants To Hold On To Seized Bitcoin

While victims of the Ponzi Scheme push to get their Bitcoin back, the Crown Prosecution Service has asked the High Court to let it retain ownership of the Bitcoin seized from the scheme. 

If the High Court approves the request, it could see the Bitcoin sold and split between law enforcement agencies. 

The head of policy at crypto lobby group Bitcoin Policy UK, Freddie New, said in a July 20 X post that any sale of the seized crypto would likely fall under proceeds of crime law. 

Over the past month, the Bitcoin price has surged almost 15%, and it’s soared almost 78% in the past year, according to CoinMarketCap. 

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