The Metropolitan Police have successfully secured a significant conviction in a landmark case that is believed to be the largest cryptocurrency seizure in history, valued at over £5.5 billion ($7.3 billion).
Zhimin Qian, 47, also known as Yadi Zhang, pleaded guilty today at Southwark Crown Court to acquiring and possessing criminal property under the Proceeds of Crime Act. Investigators revealed that she orchestrated a fraudulent Bitcoin scheme, defrauding more than 128,000 victims across China between 2014 and 2017.
As the primary architect of a company that promised exorbitant returns ranging from 100% to 300% on investments, Qian reportedly amassed 40 billion yuan from approximately 130,000 investors. Her early advocacy for Bitcoin led to her moniker as the “Bitcoin Queen” within China, where she marketed cryptocurrency as a form of “digital gold.”
Following the collapse of her scheme in 2017, Qian converted the illicit gains into Bitcoin and subsequently fled China for the United Kingdom.
The Metropolitan Police initiated their inquiry in 2018 after intelligence surfaced regarding the transfer of stolen cryptocurrency assets. Investigators successfully seized 61,000 Bitcoin during this investigation. While the initial seizure was valued at hundreds of millions of pounds, the appreciation of Bitcoin’s value has now escalated the total to approximately £5.5 billion.
Upon her arrival in the UK, Qian attempted to launder the funds through various property transactions, aided by an associate, Jian Wen. Her arrest in 2018 precipitated a comprehensive, multi-year investigation that necessitated the collection of evidence from multiple jurisdictions and close collaboration with Chinese law enforcement.
Wen has since been sentenced to six years and eight months in prison for her participation in the scheme.
“Today’s guilty plea culminates years of diligent investigation carried out by the Met’s Economic Crime teams along with our partners,” stated Will Lyne, Head of the Met’s Economic and Cybercrime Command. “This case represents one of the largest money laundering operations in UK history and ranks among the highest-value cryptocurrency cases globally. I am immensely proud of the team’s efforts.”
“Through meticulous investigation and unprecedented collaboration with Chinese law enforcement, we acquired compelling evidence regarding the criminal provenance of the cryptoassets Qian sought to launder in the UK,” he added.
The seizure of 61,000 Bitcoin now sets a new precedent, eclipsing previous high-profile cryptocurrency recoveries, such as the U.S. Justice Department’s 2022 confiscation of over 94,000 Bitcoin linked to the Bitfinex hack, valued at around $3.6 billion at the time.
With this historic seizure, the UK case now stands as the largest single cryptocurrency confiscation in history.
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