Chinese woman convicted after ‘world’s biggest’ bitcoin seizure
A Chinese national has been convicted of playing a key role in what is believed to be the single largest cryptocurrency seizure in the world, worth more than £5 billion ($6.7 billion).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court in London to illegally acquiring and possessing cryptocurrency.
Between 2014 and 2017, Qian led a large-scale scam in China that defrauded more than 128,000 victims. She stored the stolen funds in bitcoin assets, according to a statement from the Metropolitan Police.
The Met said that the 47-year-old’s guilty plea follows a seven-year investigation into a global money laundering network. The probe began in 2018 after authorities received a tip-off regarding the transfer of criminal assets.
Qian had been “evading justice” for five years before her arrest, which required a complex investigation involving multiple jurisdictions, said Detective Sergeant Isabella Grotto, who led the Met’s investigation.
She fled China using false documents and entered the UK, where she attempted to launder the stolen money by purchasing property, the Met added. Qian was assisted by another Chinese national, Jian Wen.
Jian Wen, a former takeaway worker, was jailed for six years and eight months last year for his role in the criminal operation.
The Met confirmed it had seized a total of 61,000 bitcoins from Qian.
“Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said Robin Weyell, deputy chief Crown prosecutor for the Crown Prosecution Service (CPS).
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
Monday’s conviction marks the culmination of years of dedicated investigation, which has involved the police and Chinese law enforcement teams, said Will Lyne, the Met’s Head of Economic and Cybercrime Command.
The Met stated that the investigation is still ongoing.
In 2024, Chinese media reported that investors—mostly between 50 and 75 years old—had poured “hundreds of thousands to tens of millions” of yuan into schemes promoted by Qian. Many investors reportedly knew little about her, despite her being described as “the female god of wealth.”
The CPS is working to ensure that the fraudsters do not gain access to the stolen funds. Last year, the CPS also revealed that many victims have received some of their money back through a compensation scheme established in China.
Qian is currently being held in custody ahead of sentencing. The date for her sentencing has yet to be fixed.
The BBC has contacted the Chinese embassy in the UK for comment.
https://www.bbc.com/news/articles/cy0415kk3rzo?at_medium=RSS&at_campaign=rss
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