By Eniola Amadu
A Chinese national has been convicted in what British authorities describe as the world’s single largest bitcoin seizure, valued at more than £5 billion ($6.7 billion).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court, London, to illegally acquiring and possessing cryptocurrency linked to a vast scam in China.
According to the Metropolitan Police, Qian, 47, masterminded a fraudulent scheme between 2014 and 2017 that deceived more than 128,000 victims.
She funnelled the proceeds into bitcoin, amassing a total of 61,000 bitcoins that were later confiscated by UK authorities.
Detective Sergeant Isabella Grotto, who led the investigation, said the guilty plea followed a seven-year probe into a global money laundering network.
“Her arrest required a complex operation spanning several jurisdictions after she evaded justice for five years,” Grotto noted.
Police said Qian fled China with false documents before settling in the UK, where she attempted to clean the illicit funds through property purchases.
Her 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.”
Qian’s scheme drew in thousands of Chinese investors, many of them aged between 50 and 75.
Reports by Chinese magazine Lifeweek said victims were promised daily dividends and guaranteed profits.
Her company portrayed itself as a driver of China’s financial and technological ambitions, showcasing supposed nationwide projects.
Some of those who invested including business executives, bank staff and members of the judiciary had been persuaded by friends and relatives. Qian gained a reputation among her followers as the “goddess of wealth.”
Qian was aided by Jian Wen, a 44-year-old Chinese takeaway worker in London, who helped launder the proceeds. Wen, who once lived above a restaurant, moved into a multimillion-pound house in North London and bought two Dubai properties worth more than £500,000. She was sentenced last year to six years and eight months in prison.
The Crown Prosecution Service (CPS) confirmed that more than £300m in bitcoin linked to Wen was also seized.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to fraudsters,” said deputy chief Crown prosecutor Robin Weyell.
The Met Police said the probe, which began in 2018 after a tipoff, remains ongoing and involves collaboration with Chinese law enforcement.
Head of the Met’s Economic and Cybercrime Command, Will Lyne, described Monday’s conviction as “the culmination of years of dedicated investigation.”
The CPS said that while many victims received partial compensation through a scheme in China, efforts are still under way to prevent the stolen assets from being reclaimed by those convicted.
Qian remains in custody ahead of sentencing. A date has not yet been fixed.
