A U.K. court has handed down a lengthy prison sentence to a Chinese woman found in possession of an astonishing £5 billion ($6.6 billion) worth of Bitcoin, stemming from her involvement in a massive Ponzi scheme that defrauded over 128,000 individuals in China. Zhimin Qian, 47, was sentenced to more than 11 years behind bars for her role in the scam, with authorities describing it as one of the largest cryptocurrency seizures in the country’s history.
Qian, often referred to as the “cryptoqueen” by British media, was apprehended in April 2024 after evading law enforcement for several years. During her time on the run, she lived a lavish lifestyle, frequenting luxury hotels across Europe and indulging in high-end purchases including fine jewelry and designer watches. According to law enforcement, Qian operated a pyramid scheme that lured investors from 2014 to 2017, many of whom sacrificed their life savings and retirement funds to invest in her fraudulent enterprise.
The investigation revealed that Qian had converted the illegally obtained funds into Bitcoin, which she stored in various digital wallets. When scrutiny from Chinese authorities intensified, Qian fled to the U.K. using a false identity. After settling in London, she rented a luxurious property at a cost of over £17,000 ($23,000) per month.
In a troubling revelation, investigators discovered notes written by Qian detailing her aspirations, including a bizarre goal of becoming the monarch of Liberland, a self-proclaimed territory situated between Croatia and Serbia.
Qian ultimately pleaded guilty to multiple charges pertaining to money laundering and the possession of criminal property. On Tuesday at Southwark Crown Court, she received a sentence of 11 years and eight months. Her co-defendant, Seng Hok Ling, a 47-year-old Malaysian national who assisted in the laundering and transfer of the cryptocurrency, was also sentenced. Ling received a term of four years and 11 months after admitting to one count of transferring criminal property.
This case has highlighted the growing concern over cryptocurrency-related fraud, with authorities emphasizing the importance of vigilance against scams that exploit the digital currency market. The sentencing serves as a stark reminder of the potential consequences for those engaging in financial crimes.
