- Zhimin Qian, also known as Yadi Zhang, convicted in the largest cryptocurrency seizure in history, worth over £5 billion.
- Qian defrauded more than 128,000 victims in China and attempted to launder the proceeds through UK and international assets.
- Authorities continue to investigate, and some victims have received partial restitution via a Chinese compensation scheme.
A Chinese national, Zhimin Qian, also known as Yadi Zhang, has been convicted for her role in what is believed to be the largest cryptocurrency seizure in history, totaling more than £5 billion ($6.7 billion). Qian pleaded guilty at Southwark Crown Court, London, to illegally acquiring and possessing cryptocurrency.
Between 2014 and 2017, she orchestrated a large-scale scam in China that defrauded over 128,000 victims, storing the stolen funds in Bitcoin assets, the Metropolitan Police (Met) said. The guilty plea concludes a seven-year investigation into a global money laundering network. Authorities seized 61,000 Bitcoins from Qian.
Evading justice and international investigation
The investigation began in 2018 following a tip-off about criminal asset transfers. Qian had evaded justice for five years, fleeing China using false documents and entering the UK, where she attempted to launder the stolen funds by purchasing property, according to Detective Sergeant Isabella Grotto, who led the Met’s inquiry.
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She received assistance from Jian Wen, a 44-year-old Chinese takeaway worker, who was jailed for six years and eight months last year. Wen laundered the proceeds, upgrading from living above a restaurant to a multi-million-pound rented property in North London and purchasing two Dubai properties valued at over £500,000. Authorities seized more than £300 million in Bitcoin from her.
The scope of the scam and victim impact
Qian’s scheme attracted investors, mostly aged 50 to 75, who invested “hundreds of thousands to tens of millions” of yuan, according to Chinese media outlet Lifeweek. Her company claimed to support China’s ambition to become a finance and technology hub, showcasing projects and investments across the country. Some victims, including business professionals, bank employees, and members of the judiciary, were reportedly introduced to the scheme by friends or family, unaware of Qian’s true identity, often referred to as the “goddess of wealth.”
Deputy chief Crown prosecutor Robin Weyell noted that “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets,” emphasizing that the case highlights the massive scale of criminal proceeds in the cryptocurrency sector.
Ongoing investigation and restitution efforts
Monday’s conviction marks the culmination of a multi-year investigation involving both UK and Chinese authorities. The Met said the inquiry is ongoing, and the Crown Prosecution Service (CPS) is working to prevent fraudsters from accessing the stolen funds. Many victims have received partial restitution through a compensation scheme established in China. Qian remains in custody awaiting sentencing, with a date yet to be set.
