A significant development in the realm of cryptocurrency and fraud has emerged from the UK, where a Chinese woman has been convicted for her central role in orchestrating a massive Bitcoin fraud scheme. The case has garnered attention not just for its scale, but also for the staggering amount of cryptocurrency involved – a seizure valued at over £5.5 billion (€6.3 billion), believed to be one of the largest in history.
Zhimin Qian, who is also known by the name Yadi Zhang, entered a guilty plea at London’s Southwark Crown Court, confirming her involvement in the illegal acquisition and possession of Bitcoin. This admission followed an extensive investigation conducted by the Metropolitan Police, lasting seven years and focusing on issues of global money laundering.
Qian, 47, is accused of running a sophisticated fraud operation in China from 2014 to 2017, during which she allegedly defrauded more than 128,000 victims. The investigation revealed that she had stored the funds acquired from this extensive scam in Bitcoin assets. Following her fraudulent activities, Qian managed to flee China using forged documents and subsequently entered the UK. Upon arrival, she attempted to launder her illicit gains through property purchases in late 2018.
The Metropolitan Police’s seizure of 61,000 Bitcoins from Qian underscores the case’s magnitude. Will Lyne, head of the economic and cybercrime command at the Metropolitan Police, remarked on the significance of the case, stating, “This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally.”
In a related development, another individual connected to the fraud, Jian Wen, 43, was convicted last year and handed a prison sentence of six years and eight months. Qian’s sentencing is pending.
The case has raised alarms regarding the rising trend of organized crime utilizing cryptocurrencies for illicit purposes. Robin Weyell, deputy chief crown prosecutor for the Crown Prosecution Service, emphasized the need for vigilance, noting that such digital currencies enable fraudsters to obscure and move their assets, allowing them to benefit from their wrongdoing. The CPS is now focusing on ensuring that the criminal assets involved in this case remain out of reach through both criminal confiscation and civil proceedings.
