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

A Chinese nationwide has been convicted of enjoying a key position in what’s believed to be the one largest cryptocurrency seizure in the world, price greater than £5bn ($6.7bn).

Zhimin Qian, also called Yadi Zhang, pleaded responsible on Monday at Southwark Crown Courtroom, London of illegally buying and possessing the cryptocurrency.

Between 2014 and 2017, she led a large-scale rip-off in China by dishonest greater than 128,000 victims and storing the stolen funds in bitcoin property, the Metropolitan Police stated in a statement.

The Met stated the 47-year-old’s responsible plea follows a seven-year probe into a world cash laundering net.

A complete of 61,000 bitcoins have been seized from Qian, the Met stated.

The police stated the probe started in 2018 after they obtained a tipoff in regards to the switch of prison property.

Qian had been “evading justice” for 5 years as much as her arrest, which required a posh investigation involving a number of jurisdictions, stated Detective Sergeant Isabella Grotto, who led the Met’s investigation.

She fled China utilizing false paperwork and entered the UK, the place she tried to launder the stolen cash by shopping for property, stated the Met.

Qian had assist from a Chinese takeaway employee named Jian Wen, who was jailed for six years and eight months final 12 months for her half in the prison operation.

Wen, 44, laundered the proceeds from the rip-off and moved from dwelling above a restaurant to a “multi-million pound rented home” in North London, said the Crown Prosecution Service (CPS) earlier this 12 months.

She additionally purchased two properties in Dubai price greater than £500,000, the CPS stated.

The Met stated it seized greater than £300m price of bitcoin from Wen.

Wen claimed that she purchased the properties for an employer from China. However the CPS stated the big quantity of bitcoin and lack of proof of how she got here by it indicated that it was from a prison supply.

Chinese media outlet Lifeweek reported in 2024 that traders, largely between 50 and 75 years previous, had poured “a whole lot of hundreds to tens of hundreds of thousands” of yuan into investments promoted by Qian.

The schemes capitalised on cryptocurrency’s reputation in China on the time, promising every day dividends and assured income, based on Lifeweek.

Qian’s firm claimed it might assist China grow to be a hub for finance and expertise and confirmed off tasks and investments it stated it had throughout the nation.

Among the victims – together with enterprise individuals, financial institution workers and members of the judiciary – have been reportedly urged to take a position with Qian’s scheme by family and friends.

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

“Bitcoin and different cryptocurrencies are more and more being utilized by organised criminals to disguise and switch property, in order that fraudsters might get pleasure from the advantages of their prison conduct,” stated deputy chief Crown prosecutor, Robin Weyell.

“This case, involving the biggest cryptocurrency seizure in the UK, illustrates the dimensions of prison proceeds obtainable to these fraudsters.”

Monday’s conviction marks the “end result of years of devoted investigation”, which has concerned the police and Chinese regulation enforcement groups, stated Will Lyne, the Met’s Head of Financial and Cybercrime Command.

The Met stated the investigation remains to be ongoing.

The CPS is working to make sure the fraudsters don’t pay money for the stolen funds, the Met stated. Lots of the victims had a few of their cash returned to them by a compensation scheme established in China, the CPS stated final 12 months.

Qian is being held in custody forward of sentencing. The date of her sentencing has but to be mounted.

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