A Chinese woman has been convicted in the UK following an international fraud investigation that led to what authorities believe is the largest single cryptocurrency seizure in history.
The Metropolitan Police confirmed it had recovered 61,000 bitcoin—currently valued at over £5 billion ($6.7 billion)—as part of the case against 47-year-old Zhimin Qian, also known as Yadi Zhang. Qian pleaded guilty at Southwark Crown Court to acquiring and possessing the cryptocurrency through criminal means.
Between 2014 and 2017, Qian orchestrated a large-scale investment fraud in China, defrauding more than 128,000 victims. The proceeds from the scheme were converted into bitcoin and stored in digital wallets, according to a statement from the Met.
Qian had been evading law enforcement for five years, using false documentation to flee China and enter the UK. She attempted to launder the illicit funds by purchasing property, sparking a complex, multi-jurisdictional investigation that began with a tip-off regarding the movement of criminal assets.
“This case has required painstaking work across international borders,” said Detective Sergeant Isabella Grotto, who led the investigation. “Qian’s arrest marks the result of a seven-year investigation into a vast money laundering operation.”
Qian’s lawyer, Roger Sahota of Berkeley Square Solicitors, said her client’s guilty plea was aimed at bringing “some comfort” to victims who had waited since 2017 for compensation. He added that the appreciation in bitcoin’s value means there are now sufficient assets to repay those losses.
However, some reports suggest the UK government may attempt to retain some or all of the seized cryptocurrency. The BBC has contacted the Home Office and Treasury for comment.
Legislative reforms introduced by the previous Conservative government have made it easier for UK authorities to freeze, seize, and recover crypto assets. These reforms also open pathways for victims to apply for the return of their funds held in seized accounts.
An International Operation
Qian was assisted by Jian Wen, a former Chinese takeaway worker, who was convicted last year for laundering funds from the fraud. Wen, 44, went from living above a restaurant to renting a luxury home in north London. She also bought two Dubai properties worth over £500,000 and was sentenced to six years and eight months in prison. The Met seized more than £300 million in bitcoin from her.
Chinese media outlet Lifeweek reported in 2024 that Qian’s victims, many aged 50 to 75, invested from hundreds of thousands to tens of millions of yuan in schemes she promoted. She was nicknamed “the goddess of wealth” by investors, many of whom were introduced to the scam through friends or relatives and had little knowledge of her background.
“This case demonstrates how cryptocurrencies are increasingly used by organised criminals to conceal and move illicit assets,” said Deputy Chief Crown Prosecutor Robin Weyell. “It also shows the immense scale of financial crime in the digital age.”
Will Lyne, head of the Met’s Economic and Cybercrime Command, described Monday’s conviction as the “culmination of years of dedicated investigation,” involving collaboration with law enforcement agencies in China.
Qian remains in custody awaiting sentencing. A trial involving others connected to the case is still pending, and a sentencing date has not yet been set.
The BBC has reached out to the Chinese embassy in London for comment.
