A UK court has convicted a Chinese national, Qian Zhimin, in what authorities described as the world’s largest cryptocurrency fraud, following the seizure of 61,000 bitcoin worth more than £5 billion ($6.7 billion).
Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court to illegally acquiring and holding cryptocurrency tied to a vast investment scam that defrauded more than 128,000 people in China between 2014 and 2017.
The conviction comes after a seven-year international investigation into a money-laundering network spanning multiple jurisdictions.
Detectives said Qian had evaded arrest for five years by using false documents before being tracked down in the UK.
Detective Sergeant Isabella Grotto, who led the inquiry, said the case required “extensive cooperation with international partners” to unravel Qian’s global operations.
Prosecutors said Qian fled China with stolen funds, which she attempted to launder by purchasing luxury properties in Britain.
Her lawyer, Roger Sahota, told the court that she hoped her guilty plea would “bring some comfort to investors who have waited since 2017 for compensation.”
A Malaysian associate, Seng Hok Ling, also pleaded guilty to laundering funds on Qian’s behalf.
UK authorities have begun confiscation proceedings to recover more than £16.2 million from him, with the figure to be adjusted to reflect bitcoin’s market value before sentencing in November.
Deputy Chief Crown Prosecutor Robin Weyell said the case underscored the growing use of digital assets to conceal illicit wealth. “This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to fraudsters,” he noted.
The Metropolitan Police had earlier linked Qian to Jian Wen, a former London takeaway worker sentenced in 2024 to six years and eight months in prison for laundering part of the stolen funds.
Wen went from modest living above a restaurant to renting a multimillion-pound home in north London, while also acquiring Dubai properties worth over £500,000. More than £300 million in bitcoin was seized from her.
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UK Security Minister Dan Jarvis welcomed Qian’s conviction, calling it a “clear signal” that Britain will not serve as a safe haven for money launderers.
Qian remains in custody and is scheduled to be sentenced alongside Hok Ling on November 10.
– THE PUNCH
