A Chinese national, Zhimin Qian, has been convicted in connection with what is believed to be the world’s largest cryptocurrency seizure, worth more than £5bn ($6.7bn).
Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court, London, to illegally acquiring and possessing cryptocurrency.
Between 2014 and 2017, Qian ran a large-scale scam in China that defrauded more than 128,000 people and stored the proceeds in bitcoin, the Metropolitan Police said. Her guilty plea follows a seven-year investigation into a global money laundering network.
Police said 61,000 bitcoins were seized from Qian. The investigation began in 2018 after a tip-off about the movement of criminal assets.
Detective Sergeant Isabella Grotto, who led the investigation, said Qian had been “evading justice” for five years before her arrest, which required cooperation across several jurisdictions. Qian had fled China using false documents and entered the UK, where she tried to launder the money through property purchases.
Qian was assisted by Jian Wen, a Chinese takeaway worker, who was sentenced last year to six years and eight months in prison. Wen helped launder the proceeds and went from living above a restaurant to renting a multimillion-pound home in north London, according to the Crown Prosecution Service (CPS). She also purchased two Dubai properties worth more than £500,000. Police said they seized bitcoin worth over £300m from Wen.
Wen claimed she bought the properties on behalf of an employer from China, but prosecutors argued the large volume of bitcoin and lack of legitimate financial records showed it was criminal in origin.
Chinese outlet Lifeweek reported in 2024 that many victims of Qian’s scheme were aged between 50 and 75. They invested sums ranging from hundreds of thousands to millions of yuan, lured by promises of daily dividends and guaranteed profits.
Qian’s company claimed it was working on projects across China and would help the country become a financial and technology hub. Victims included businesspeople, bankers, and members of the judiciary, many persuaded to invest by family and friends. Qian was often described as “the goddess of wealth.”
“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 deputy chief Crown prosecutor Robin Weyell.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
Will Lyne, the Met’s head of economic and cybercrime command, said Monday’s conviction marked the “culmination of years of dedicated investigation,” involving UK and Chinese authorities. The Met added that the probe is ongoing.
The CPS said efforts are under way to ensure the stolen funds cannot be reclaimed by the fraudsters. Some victims have already received partial compensation through a scheme in China.
According to BBC, Qian remains in custody ahead of sentencing, with a date yet to be set.
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