China moves to seize 61,800 Bitcoin in $5.7B fraud case

China moves to seize 61,800 Bitcoin in a $5.7 billion fraud, and Trump takes aim at overseas crypto scam centers. This is CoinDesk Daily. Want trusted crypto research? Check out The Stack, Grayscale's blog. Visit grayscale.com slash the stack. Unlock deeper insight into digital asset vault risk. The new vault risk assessment from S&P Global Ratings helps bring institutional-grade transparency to on-chain investing. Visit spglobal.com slash ratings. Chinese prosecutors are moving to seize more than 61,800 Bitcoin tied to a fraud case worth over 40 billion yuan, or roughly $5.7 billion. The coins are linked to an unlicensed wealth management scheme that raised money from more than 102,000 investors between 2014 and 2017. Prosecutors say the funds went into Bitcoin, property, cars, and jewelry instead of real businesses. Bitcoin ETFs are back in favor, pulling in over a billion dollars this week, according to SoSoValue data. Analysts call it a sign of renewed institutional demand, but warn the pace still isn't where it needs to be. In Bitcoin's three steep rallies since 2024, the funds averaged over $200 million a day. Since July, the average has been closer to $86 million, with not a single day above $1 billion. So if history is a guide, a real run higher from here would need inflows to stay strong. And President Trump is putting new focus on cracking down on overseas crypto-fueled criminal operations. At a cybercrime event, the administration highlighted that its agencies have halted about $833 million in crypto tied to scams and seized 503 fraudulent crypto websites. Much of it traces back to pig butchering scam centers in places like Burma, Cambodia and Laos. Get more updates on CoinDesk.com. Want trusted crypto research? check out the stack grayscales blog visit grayscale.com slash the stack unlock deeper insight into digital asset vault risk the new vault risk assessment from S&P Global Ratings helps bring institutional grade transparency to on-chain investing visit spglobal.com slash ratings