A woman has been convicted for her involvement in a massive bitcoin fraud scheme that has been dubbed one of the largest in the world. Zhimin Qian, who also goes by the name Yadi Zhang, was found guilty of orchestrating a fraud operation in China between 2014 and 2017 that left approximately 128,000 individuals financially devastated.
Qian, 45, stored the proceeds of her fraudulent activities in bitcoin, but law enforcement made a significant breakthrough in the case after a raid on a luxury mansion in Hampstead, north London, in 2018. During the operation, authorities seized digital devices that contained an astonishing 61,000 bitcoins, valued at more than £5 billion based on current market prices. This seizure is believed to be the largest single cryptocurrency confiscation in history, according to the Metropolitan Police.
On Monday, Qian pleaded guilty at Southwark Crown Court to charges of acquiring and possessing cryptocurrency that was deemed criminal property between October 2017 and April 2024. She had fled China in 2017 using a fraudulent passport from St Kitts and Nevis and entered the UK, where she attempted to launder her illicit profits. Her laundering efforts included real estate purchases facilitated by her accomplice, Jian Wen, a 43-year-old Chinese takeaway worker who was sentenced to over six years in prison for her role in the scheme in May 2024.
Wen, who had arrived in the UK in 2007 and lived modestly in Leeds before moving to London, initially worked at a Chinese takeaway. After moving in with Qian in a six-bedroom home, her lifestyle changed significantly; she began driving a luxury Mercedes and even funded her son’s education at a private school after bringing him over from China.
Following the police raid of the Hampstead property, known informally as the Manor House, Qian fled, leaving behind a safety deposit box containing digital wallets with substantial bitcoin holdings. Wen, for her part, maintained that she was unaware that the cryptocurrency was linked to fraudulent activities, claiming that Qian had deceived her. She asserted her involvement in a legitimate jewelry business with branches in Singapore, Malaysia, and China.
Earlier this year, a judge ordered Wen to pay back more than £3 million or face an additional seven years in prison. This recovery amount is derived from cryptocurrencies and two properties located in Dubai.
Will Lyne, head of the Metropolitan Police’s economic and cybercrime command, emphasized the significance of the case, labeling it one of the largest money laundering investigations in UK history and one of the highest-value cryptocurrency cases globally. He praised the meticulous work of his team and noted the extensive cooperation received from Chinese law enforcement agencies, which led to compelling evidence regarding the origins of the crypto assets that Qian tried to launder.
Detective Sergeant Isabella Grotto, who led the investigation, expressed pride in the outcome, highlighting that it followed years of dedicated effort. She noted that Qian had evaded justice for five years and that the arrest triggered a complex investigation that required evidence gathering across multiple jurisdictions and the review of thousands of documents.
