Chinese National Convicted in World’s Largest Cryptocurrency Fraud Case Worth £5 Billion
A Chinese national has been convicted in London for orchestrating one of the largest cryptocurrency fraud cases in history, involving the seizure of more than £5 billion ($6.7 billion) worth of bitcoin. The case highlights both the immense risks tied to digital assets and the growing global effort to combat cryptocurrency-related crime.
The Historic Conviction
Zhimin Qian, widely known by her alias Yadi Zhang, pleaded guilty at Southwark Crown Court to illegally acquiring and holding massive amounts of cryptocurrency. According to the Metropolitan Police, Qian led a sweeping financial scam in China between 2014 and 2017, defrauding over 128,000 investors and funneling their money into bitcoin holdings.
Detectives revealed that the 47-year-old’s plea followed a seven-year international investigation into an elaborate money laundering network. Authorities ultimately seized 61,000 bitcoins linked to Qian, making this the largest cryptocurrency seizure ever recorded in the UK.
From China to the UK: A Global Investigation
The investigation began in 2018 after police received intelligence on the transfer of suspicious digital assets. What followed was a highly complex case spanning multiple countries and requiring collaboration between UK and Chinese authorities.
Detective Sergeant Isabella Grotto, who headed the Metropolitan Police probe, confirmed that Qian had been “evading justice” for five years before her arrest. She had fled China using false documents and entered the UK, where she attempted to legitimize her stolen fortune through luxury property purchases.
“This investigation shows the scale and sophistication of modern financial crime,” Grotto said.
Victims Waiting for Justice
Qian’s solicitor, Roger Sahota of Berkeley Square Solicitors, said his client’s guilty plea was partly intended to reassure investors who have been waiting since 2017 for compensation.
“By pleading guilty, Ms. Zhang hopes to bring some comfort to those who lost money. With the dramatic rise in cryptocurrency values, there are sufficient funds available to repay victims,” Sahota stated.
Many of Qian’s victims were middle-aged to elderly investors in China, with reports indicating that most were between 50 and 75 years old. According to Chinese media outlet Lifeweek, they invested anywhere from hundreds of thousands to tens of millions of yuan, often persuaded by family or friends.
At the height of her scheme, Qian gained the nickname “goddess of wealth” and promoted her company as a pioneering force in making China a hub for finance and technology. Her firm promised daily dividends, guaranteed profits, and showcased alleged nationwide projects to build trust among investors.
An Accomplice in the UK
Qian did not act alone. Her associate, Jian Wen, a 44-year-old former takeaway worker in London, played a significant role in laundering the stolen funds. Wen was sentenced in 2024 to six years and eight months in prison for her involvement.
The Crown Prosecution Service (CPS) revealed that Wen’s life transformed dramatically once she became involved in the scam. She moved from living in a small flat above a takeaway shop to a multi-million-pound rental mansion in North London. She also purchased luxury properties in Dubai worth more than £500,000.
Police later seized more than £300 million in bitcoin linked to Wen. Despite her claims that she had purchased property for a Chinese employer, prosecutors said the absence of legitimate financial records and the vast cryptocurrency holdings made it clear the money came from illegal activity.
How the Fraud Worked
The fraud capitalized on China’s crypto boom in the mid-2010s, when bitcoin was rising in popularity. Qian promised investors high returns, tapping into growing excitement around digital currencies. However, rather than investing the funds, she diverted them into her own accounts.
Her victims included not just ordinary citizens but also professionals such as businesspeople, bank employees, and even members of the judiciary, making the scandal particularly damaging.
Deputy Chief Crown Prosecutor Robin Weyell said the case demonstrates how organized criminals are increasingly exploiting cryptocurrency to hide stolen wealth.
“Bitcoin and other cryptocurrencies are being used by fraudsters to disguise and transfer assets, allowing them to enjoy the proceeds of crime. This case, involving the largest crypto seizure in the UK, shows the staggering scale of these criminal operations,” Weyell said.
Wider Impact and Ongoing Investigations
The conviction is being described as the culmination of years of dedicated investigation, said Will Lyne, Head of Economic and Cybercrime Command at the Metropolitan Police. He confirmed that the probe is still ongoing, with authorities working closely with Chinese law enforcement to ensure justice for victims.
The CPS has also emphasized its commitment to preventing the fraudsters from regaining access to the stolen bitcoin. While some victims have already received partial compensation through a scheme in China, many are still waiting for further payouts.
Qian remains in custody while awaiting sentencing. A date for the final judgment has yet to be confirmed.
A Warning for Investors
The case underscores the risks tied to cryptocurrency investments, particularly when promises of guaranteed returns are involved. While digital assets continue to grow in value and popularity, they also present an attractive target for scammers who exploit regulatory gaps across borders.
For law enforcement, the case represents a landmark in tackling crypto-related crime. For victims, however, the hope now lies in recovering a portion of their lost savings and seeing justice delivered against those who deceived them.
As cryptocurrencies become more embedded in global finance, the outcome of Qian’s sentencing – and the continuing investigations – will serve as a critical precedent in how nations confront fraud, money laundering, and digital crime on a massive scale.