Chinese woman convicted in UK over record £5bn bitcoin fraud

A Chinese national has been convicted in London for her role in what authorities describe as the world’s largest cryptocurrency seizure, involving more than £5bn ($6.7bn) worth of bitcoin.

Zhimin Qian, also known as Yadi Zhang, admitted at Southwark Crown Court on Monday to illegally acquiring and holding the assets. UK police said she masterminded a massive fraud in China between 2014 and 2017, defrauding more than 128,000 victims and converting the proceeds into bitcoin.

The Metropolitan Police confirmed the seizure of 61,000 bitcoins in connection with the case. The conviction follows a seven-year global investigation into a money-laundering network, launched in 2018 after a tip-off about suspicious transfers.

Qian fled China using false papers before settling in the UK, where she attempted to launder funds through property purchases. Her solicitor, Roger Sahota, said she hoped her guilty plea would reassure victims that rising bitcoin values meant compensation was possible. However, reports suggest the UK government may seek to retain the seized assets.

The case has highlighted new UK legislation that makes it easier to seize and recover crypto assets, while allowing some victims to apply for restitution.

Qian’s associate, Jian Wen, a former London takeaway worker, was sentenced last year to more than six years in prison for laundering the proceeds. Wen used her role to move from modest living conditions to luxury homes, buying property in Dubai and handling hundreds of millions of pounds’ worth of bitcoin, prosecutors said.

Chinese media have reported that Qian’s scheme targeted middle-aged and older investors, promising guaranteed returns and portraying her as a “goddess of wealth.”

Authorities say the case demonstrates how criminals increasingly use cryptocurrencies to conceal and transfer illicit wealth. The Metropolitan Police stressed that investigations remain ongoing as prosecutors work to ensure fraudsters cannot reclaim the seized funds.

Qian remains in custody ahead of sentencing, with a date yet to be confirmed.