Chinese National Sentenced in UK After Historic £5bn Bitcoin Seizure

A Chinese woman, Zhimin Qian (also known as Yadi Zhang), was convicted at Southwark Crown Court following a massive international fraud and money laundering scheme. The operation, which spanned several years, led to what's believed to be the world’s largest single seizure of cryptocurrency - 61,000 bitcoins valued at more than £5bn ($6.7bn).

Qian led a widespread scam between 2014 and 2017 in China, targeting over 128,000 victims and using the stolen funds to accumulate significant bitcoin holdings. After fleeing China with false documents, she entered the UK and attempted to launder these assets by purchasing property.

Authorities uncovered the criminal web after an extensive seven-year investigation, involving cooperation between UK police and Chinese law enforcement. Detective Sergeant Isabella Grotto of the Metropolitan Police described Qian’s years of evasion and the complexity of bringing her to justice. Qian’s solicitor emphasized that, given the rise in cryptocurrency value, there should be enough funds to compensate the scam’s victims.

Malaysian national Seng Hok Ling, also involved, pleaded guilty to money laundering related to the same criminal operation, and confiscation proceedings are underway.

Other accomplices included Jian Wen, a former takeaway worker in London, who helped launder proceeds and saw her own lifestyle dramatically change as a result. Wen was previously jailed and ordered to pay back millions.

Victims largely consisted of older Chinese investors, some persuaded to invest by friends and family, many of whom were unaware of Qian's true identity - often referred to as “the goddess of wealth.” The UK government and courts are now seeking not only to return funds to victims but may also retain certain assets under reformed financial crime laws.

The conviction has sent ripples through the international community, highlighting the rising use of cryptocurrencies by organized crime. The UK Security Minister stressed that the UK is not a sanctuary for criminals and reiterated the government’s commitment to fighting money laundering - a crime that undermines economies and trust.

Qian remains in custody awaiting sentencing on 10 November, alongside Seng Hok Ling. Efforts continue to recover further assets, and compensation procedures are expected to follow this landmark legal case.