Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Chinese woman convicted in UK after ‘world’s biggest’ bitcoin seizure
    Cryptocurrency

    Chinese woman convicted in UK after ‘world’s biggest’ bitcoin seizure

    September 29, 20254 Mins Read


    Osmond ChiaBusiness reporter, Singapore

    Metropolitan Police A mugshot of Zhimin Qian, pictured staring into the camera. She has curly hair and is dressed in a grey jumper.Metropolitan Police

    Zhimin Qian, also known as Yadi Zhang, was convicted on Monday

    A Chinese national has been convicted of playing a key role in what is believed to be the single largest cryptocurrency seizure in the world, worth more than £5bn ($6.7bn).

    Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court, London of illegally acquiring and possessing the cryptocurrency.

    Between 2014 and 2017, she led a large-scale scam in China by cheating more than 128,000 victims and storing the stolen funds in bitcoin assets, the Metropolitan Police said in a statement.

    The Met said the 47-year-old’s guilty plea followed a seven-year probe into a global money laundering web.

    A total of 61,000 bitcoins were seized from Qian, the Met said.

    The police said the probe began in 2018 after they got a tipoff about the transfer of criminal assets.

    Qian had been “evading justice” for five years up to her arrest, which required a complex investigation involving multiple jurisdictions, said Detective Sergeant Isabella Grotto, who led the Met’s investigation.

    She fled China using false documents and entered the UK, where she attempted to launder the stolen money by buying property, said the Met.

    “By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation, and to reassure them that the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses,” said Qian’s solicitor Roger Sahota, of Berkeley Square Solicitors.

    Qian had help from a Chinese takeaway worker named Jian Wen, who was jailed for six years and eight months last year for her part in the criminal operation.

    Wen, 44, laundered the proceeds from the scam and moved from living above a restaurant to a “multi-million pound rented house” in North London, said the Crown Prosecution Service (CPS) earlier this year.

    She also bought two properties in Dubai worth more than £500,000, the CPS said.

    The Met said it seized more than £300m worth of bitcoin from Wen.

    Wen claimed that she bought the properties for an employer from China. But the CPS said the large amount of bitcoin and lack of evidence of how she came by it indicated that it was from a criminal source.

    Crown Prosecution Service The large home in North London that Jian Wen moved into in 2017. The picture shows a three-storey house with an expansive driveway. A grey car is parked next to the house, which has multiple large windows.Crown Prosecution Service

    The North London property Jian Wen moved into in 2017

    Chinese media outlet Lifeweek reported in 2024 that investors, mostly between 50 and 75 years old, had poured “hundreds of thousands to tens of millions” of yuan into investments promoted by Qian.

    The schemes capitalised on cryptocurrency’s popularity in China at the time, promising daily dividends and guaranteed profits, according to Lifeweek.

    Qian’s company claimed it would help China become a hub for finance and technology and showed off projects and investments it said it had across the country.

    Some of the victims – including business people, bank employees and members of the judiciary – were reportedly urged to invest with Qian’s scheme by friends and family.

    The investors reportedly knew little about Qian, who was described as “the goddess of wealth”.

    “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said deputy chief Crown prosecutor, Robin Weyell.

    “This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”

    Monday’s conviction marks the “culmination of years of dedicated investigation”, which has involved the police and Chinese law enforcement teams, said Will Lyne, the Met’s Head of Economic and Cybercrime Command.

    The Met said the investigation is still ongoing.

    The CPS is working to ensure the fraudsters do not get hold of the stolen funds, the Met said. Many of the victims had some of their money returned to them by a compensation scheme established in China, the CPS said last year.

    Qian is being held in custody ahead of sentencing. The date of her sentencing has yet to be fixed.

    The BBC has contacted the Chinese embassy in the UK for comment.

    A thin, grey banner promoting the News Daily newsletter. On the right, there is a graphic of an orange sphere with two concentric crescent shapes around it in a red-orange gradient, like a sound wave. The banner reads: "The latest news in your inbox first thing.”

    Get our flagship newsletter with all the headlines you need to start the day. Sign up here.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    JEX AI connects cryptocurrency investors to real-world NVIDIA AI GPUs, enabling them to profit through AI computing leases.

    Cryptocurrency

    Are Decentralized Exchanges The Future Of Cryptocurrency Trading?

    Cryptocurrency

    Decoding The Digital Marketplace: A Complete Beginner’s Guide To Cryptocurrency Exchanges

    Cryptocurrency

    Record surge in Norwegians reporting crypto « Euro Weekly News

    Cryptocurrency

    Money 20/20 2025: The Increasing Use of Stablecoins Shows No Sign of Slowing Down

    Cryptocurrency

    Burt co-chairs digital assets discussion at Saudi forum – The Royal Gazette

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Commodities

    Metal Roof Vs. Asphalt Shingles: What’s The Difference?

    Precious Metal

    Nike : cette paire de baskets dorées inspirée d’une star est une pure merveille

    Investments

    Private property issue #123 – What interest rate…

    Editors Picks

    Securing digital transactions in Israel’s fintech growth

    September 17, 2025

    Property preservation firm MCS sees reverse channel as a growth opportunity

    October 29, 2024

    Property vs a diversified investment portfolio: Let’s talk tax and returns

    August 21, 2025

    Bonds Award 2025: la Côte d’Ivoire sacrée “Émetteur le plus impressionnant d’Afrique” en 2025

    June 18, 2025
    What's Hot

    Nasdaq jumps to lead S&P, Dow higher as Netflix soars and AI buzz returns

    January 22, 2025

    La perte d’EBITDA de Huddlestock FinTech au quatrième trimestre se réduit à 5,8 millions de couronnes norvégiennes -Le 21 février 2025 à 07:02

    February 20, 2025

    Dividend stock Matrimony declares ₹5 per share dividend. Record date, other details

    March 24, 2025
    Our Picks

    Antibiotic Resistance Linked to Copper Antimicrobial Use

    August 11, 2025

    Performances & Cotations, Cours N60 Bourse BOERSE MUENCHEN

    May 1, 2025

    Crude oil prices rise as US inventories fall

    August 20, 2025
    Weekly Top

    Brazil, Venezuela, and Peru React to New U.S. Tariff Regime

    October 29, 2025

    Copper Prices in London Hit Record High on Supply Fears — Commodities Roundup

    October 29, 2025

    Wind power has cut more than £100bn from UK energy costs since 2010

    October 29, 2025
    Editor's Pick

    Malakoff Humanis prend une participation majoritaire au capital de Mon Petit Placement

    May 6, 2025

    ECB Pushes For Digital Euro To Counter US Dollar-Pegged Stablecoins

    April 9, 2025

    Harrison Ford Shared Major Career Update Regarding Retirement

    July 30, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.