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. 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 co...