A Chinese woman has been convicted in the UK after authorities uncovered what is believed to be the largest cryptocurrency seizure in history, involving more than 61,000 bitcoin worth over £5 billion ($6.7 billion).
The Conviction and Seizure
Zhimin Qian, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court to illegally acquiring and possessing cryptocurrency linked to a vast fraud scheme. The conviction follows a seven-year global money laundering investigation led by the Metropolitan Police.
A second defendant, Seng Hok Ling, a Malaysian national from Derbyshire, admitted to facilitating money laundering on Qian’s behalf. He faces confiscation proceedings involving £16.2 million, with final amounts to be adjusted according to current cryptocurrency values at his November sentencing.
How the Scam Operated
Between 2014 and 2017, Qian orchestrated a large-scale scam in China that defrauded more than 128,000 victims. Stolen funds were converted into bitcoin and hidden across multiple accounts. Qian fled China using fake documents, later settling in the UK where she attempted to launder the assets through real estate purchases.
Detective Sergeant Isabella Grotto of the Met confirmed Qian had been evading justice for five years, requiring coordination across several international jurisdictions.
The Role of Accomplices
The scheme also involved Jian Wen, a Chinese takeaway worker who was jailed in 2023 for nearly seven years. Wen helped launder millions in stolen bitcoin, moving from modest accommodation to a luxury lifestyle in London and even purchasing properties in Dubai. The Met seized more than £300 million worth of bitcoin from her.
Meanwhile, Ling’s involvement centered on cryptocurrency trading that facilitated Qian’s concealment of criminal funds.
Victims and Global Impact
Chinese media reports highlighted that many victims were middle-aged investors—including professionals, entrepreneurs, and even members of the judiciary—who invested substantial sums after being persuaded by friends and family. Qian, dubbed the “goddess of wealth”, lured investors with promises of high returns.
Her solicitor, Roger Sahota, stated that Qian’s guilty plea was aimed at reassuring victims that rising cryptocurrency values would provide sufficient funds for compensation.
Broader Implications for Cryptocurrency Crime
The case underscores how digital assets are increasingly exploited by organized crime networks. According to prosecutors, bitcoin and other cryptocurrencies offer fraudsters a way to disguise wealth and move illicit funds across borders.
UK Security Minister Dan Jarvis stressed that the conviction sends a “clear signal” that Britain will not serve as a safe haven for financial criminals, adding that money laundering erodes economic trust and fuels organized crime.
What Happens Next
Qian remains in custody ahead of her two-day sentencing hearing on November 10, where Ling will also appear. The UK government may seek to retain some of the seized cryptocurrency, although authorities are under pressure to prioritize compensation for victims.
Reforms to UK crime laws now make it easier to seize, freeze, and recover crypto assets, offering victims potential pathways to reclaim lost funds.
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