A significant development in the realm of cryptocurrency fraud has emerged as a Chinese national, Zhimin Qian—also known as Yadi Zhang—has pleaded guilty to her involvement in an extensive fraudulent scheme that spanned several years. The Southwark Crown Court in London has been the venue for this high-profile case, which has captured the attention of law enforcement agencies around the world.
Authorities report that during a raid at Zhang’s residence in London, a staggering £5.5 billion (approximately $7.39 billion) worth of cryptocurrency was confiscated. This seizure, which included an astonishing 61,000 Bitcoin, is considered one of the largest in global history, according to the Metropolitan Police. The investigation that led to this massive haul commenced in 2018, initiated after law enforcement received a crucial tip-off regarding the movement of illicit assets.
Zhang’s operations reportedly defrauded over 128,000 victims across China between 2014 and 2017, many of whom were elderly individuals aged between 50 and 75. The scheme lured victims with enticing promises of daily dividends and guaranteed earnings, which ultimately led them to invest significant sums of money. Subsequently, the funds were converted into Bitcoin, thereby obscuring the cash trail. After fleeing China using false identification, Zhang arrived in the U.K. where she attempted to launder her ill-gotten gains through real estate transactions in 2018 with the help of an accomplice.
This accomplice, Jian Wen, was also implicated in the scheme and has been sentenced to over six years in prison for her role. Wen was previously ordered to repay more than £3.1 million ($4.16 million) as part of the court’s efforts to reclaim some of the losses incurred by victims.
In a related context, a coordinated operation—dubbed “Operation Contender 3.0″—has led to the arrest of 260 suspects across 14 African nations, highlighting the global fight against cyber-enabled crime. Conducted between July 28 and August 11, 2025, this initiative, supported by INTERPOL, targeted transnational criminal networks that exploit digital platforms, particularly social media, for financial fraud.
The operation was particularly focused on issues such as romance scams, where fraudsters establish online connections to extract money from unwitting victims, and sextortion, which involves blackmail based on explicit images or videos. According to INTERPOL, these activities have affected 1,463 victims, leading to cumulative financial losses of around $2.8 million.
Arrests were made in various countries, including Ghana, Senegal, and Angola. Alongside the apprehensions, officials seized over 1,235 electronic devices, including USB drives and forged documents used by the criminals. The efforts have also dismantled a network of 81 cybercrime infrastructures across the continent, showcasing a significant stride in combatting cyber-related offenses.
Cyril Gout, acting executive director of Police Services at INTERPOL, has commented on the alarming rise of digital-enabled crimes across Africa, attributing it to the increasing opportunities for exploitation provided by online platforms. As authorities continue to enhance their collaborative efforts, the focus remains on protecting victims and preventing further financial and psychological harm inflicted by such illicit networks.
