A Chinese national has been convicted in London for orchestrating a massive cryptocurrency fraud that led to the world’s largest bitcoin seizure, worth more than £5bn ($6.7bn).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court on Monday to illegally acquiring and possessing tens of thousands of bitcoins obtained through a large-scale scam.
Between 2014 and 2017, Qian masterminded a scheme in China that duped more than 128,000 investors, luring them with promises of guaranteed profits and daily dividends at the height of cryptocurrency’s popularity. Victims many aged between 50 and 75 were persuaded by friends and relatives to invest “hundreds of thousands to tens of millions” of yuan, according to Chinese media outlet Lifeweek.
The Metropolitan Police confirmed it had seized 61,000 bitcoins from Qian, describing the case as the most significant cryptocurrency recovery in UK history. Detectives said the probe began in 2018 after a tip-off about suspicious transfers of criminal assets.
Qian, 47, fled China using false documents and entered the UK, where she attempted to launder the stolen fortune through property investments. “She had been evading justice for five years,” said Detective Sergeant Isabella Grotto, who led the Met’s investigation. “Her arrest required a complex, multi-jurisdictional effort.”
Qian’s solicitor, Roger Sahota of Berkeley Square Solicitors, said, “By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation, and to reassure them that the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses.”
The fraud also implicated Jian Wen, a 44-year-old takeaway worker who laundered funds for Qian. Wen was sentenced last year to six years and eight months in prison after prosecutors revealed she had moved from living above a restaurant to a multi-million-pound home in North London and purchased two properties in Dubai worth more than £500,000. The Met said it seized more than £300m worth of bitcoin from Wen.
Deputy Chief Crown Prosecutor Robin Weyell said, “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets. This case, involving the largest cryptocurrency seizure in the UK, illustrates the vast proceeds criminals can generate.”
Police officials said the investigation remains ongoing and involves cooperation with Chinese authorities. The Crown Prosecution Service (CPS) is working to ensure stolen funds cannot be reclaimed by fraudsters. Some victims have already received partial repayments through a compensation scheme set up in China.
Qian is being held in custody ahead of sentencing. A date has yet to be confirmed.
Erizia Rubyjeana
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