Chinese Fraudster Convicted in Record £5bn Cryptocurrency Seizure

A Chinese national has been found guilty of playing a central role in what is believed to be the world’s largest ever cryptocurrency seizure, valued at more than £5 billion ($6.7 billion). Zhimin Qian, also known as Yadi Zhang, admitted at Southwark Crown Court in London on Monday to illegally acquiring and possessing cryptocurrency.

According to the Metropolitan Police, between 2014 and 2017 Qian orchestrated a massive fraud operation in China, deceiving more than 128,000 victims and transferring the stolen money into bitcoin. Investigators confirmed that a total of 61,000 bitcoins were recovered from her.

The guilty plea comes after a seven-year global investigation into a money laundering network. Police explained that the probe began in 2018 following intelligence about the transfer of criminal assets. Detective Sergeant Isabella Grotto, who led the investigation, said Qian had been “evading justice” for five years until her eventual arrest, which required coordination across multiple jurisdictions.

Authorities revealed that Qian escaped China using false documentation and later entered the UK, where she attempted to clean the stolen cryptocurrency through property purchases. She was assisted by Jian Wen, a 44-year-old Chinese takeaway worker, who was sentenced last year to six years and eight months in prison for her role in laundering the money.

The Crown Prosecution Service (CPS) said Wen went from living above a restaurant to moving into a “multi-million pound rented house” in North London, funded by proceeds of the scam. She also purchased two properties in Dubai worth over £500,000. The Met confirmed it seized more than £300 million in bitcoin from Wen.

Wen maintained that the properties were purchased on behalf of an employer in China. However, the CPS countered that the sheer quantity of bitcoin in her possession and the absence of evidence proving a legitimate source pointed to criminal origins.

Chinese media outlet Lifeweek reported in 2024 that most of the victims of Qian’s scheme were aged between 50 and 75, and many invested sums ranging from “hundreds of thousands to tens of millions” of yuan. The schemes tapped into the rising popularity of cryptocurrency in China at the time, offering supposed daily dividends and guaranteed returns.

Qian’s company promoted itself as a driver for China’s transformation into a global finance and technology hub, boasting about projects and investments across the country. Victims—including business executives, banking staff, and members of the judiciary—were often persuaded to join the scheme by friends and relatives. The mastermind herself was described as “the goddess of wealth.”

Deputy Chief Crown Prosecutor Robin Weyell warned of the growing use of cryptocurrencies by organised crime. “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,” he said. “This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”

Will Lyne, Head of the Metropolitan Police’s Economic and Cybercrime Command, described the outcome as the “culmination of years of dedicated investigation,” noting that it required extensive collaboration between UK police and Chinese law enforcement agencies. The Met confirmed that inquiries are still ongoing.

The CPS added that efforts are underway to ensure Qian and her associates are unable to recover the stolen wealth. Many of the victims, according to the CPS, have already received partial compensation through a restitution scheme set up in China.

Qian remains in custody awaiting sentencing, with the court yet to set a date.

By fLEXI tEAM