LONDON, UK: In what is being described as the world’s largest cryptocurrency seizure, a Chinese national, Zhimin Qian — also known as Yadi Zhang — has been convicted in London after admitting her role in a multibillion-pound Bitcoin fraud.
Qian, 47, pleaded guilty at Southwark Crown Court to acquiring and possessing criminal property, linked to over 61,000 Bitcoins worth more than £5.5 billion. The massive haul stems from a sweeping financial fraud carried out in China between 2014 and 2017, which defrauded more than 128,000 victims.
According to investigators, Qian fled China in 2017 using forged documents before entering the UK, where she attempted to launder her illicit wealth by purchasing luxury properties and assets. She was assisted by her associate, Jian Wen, who has already been jailed for her role in the laundering operations.
The conviction follows a seven-year investigation led by the Metropolitan Police’s Economic Crime Command, which hailed the case as a landmark in tackling cryptocurrency-driven financial crime. Authorities emphasized that the unprecedented seizure highlights both the potential misuse of digital currencies and the global scale of financial fraud.
While victims of the fraud remain hopeful that some of the seized wealth may eventually be recovered, experts caution that the complex nature of crypto-based cases, coupled with volatile digital asset valuations, makes restitution highly uncertain.
The conviction is being seen as a significant blow to organized financial crime networks and a strong signal that law enforcement is increasingly capable of navigating the opaque world of cryptocurrencies.
This story has been reported by PakTribune. All rights reserved.