A significant development has emerged in the case involving Zhimin Qian, the fraudster identified as the mastermind behind the UK’s largest-ever cryptocurrency seizure worth £5.1 billion. In a surprising turn of events, police have accessed an additional £67 million in Bitcoin after discovering a digital storage device hidden in her jogging bottoms.
Qian, who also goes by the name Yadi Zhang, was found guilty of money laundering offenses at Southwark Crown Court in September. Her conviction followed a thorough seven-year investigation into a fraudulent scheme that defrauded over 128,000 victims in China between 2014 and 2017. The illegally acquired funds were primarily stored in Bitcoin, as reported by the Metropolitan Police.
Scotland Yard has indicated that Qian played a pivotal role in orchestrating the scam. In 2018, she arrived in the UK after escaping China using forged documents, with intentions to launder her proceeds by purchasing property in collusion with Jian Wen, who was apprehended last year for her involvement.
Wen, previously a takeaway worker, was discovered to possess Bitcoin wallets valued at more than £2 billion. The initial seizure took place following a police raid on Qian’s home in Hampstead in the same year, but shortly thereafter, she evaded capture until her arrest in York.
The extra £67 million, contained in a concealed pocket of Qian’s trousers, was subsequently accessed with the assistance of codes and passwords she provided during a series of interviews in prison last month. In a recent High Court hearing, prosecutors disclosed plans for the confiscated cryptocurrency to support a compensation scheme for the victims of Qian’s fraudulent activities.
While full details regarding compensation remain unclear, the nature of reimbursement is under scrutiny. Many victims, who invested in Qian’s scheme linked to the Tianjin Lantian Gerui Electronic Technology Company, are represented by British lawyers advocating for the current value of Bitcoin rather than their original stakes. This decision is particularly relevant given the surge in Bitcoin’s value, which jumped from approximately £750 in 2017 to a remarkable £94,000 by October 2025.
William Glover, from law firm Fieldfisher, emphasized the urgency of restoring lost assets to victims, many of whom are elderly or vulnerable. He noted that the victims have endured a decade without their property, asserting their right to reclaim their investments from the frozen Bitcoin, which remains outside the purview of the UK state’s claims.
