A Chinese national has been convicted in London for masterminding one of the most significant cryptocurrency frauds in history — a scam that defrauded more than 128,000 investors and resulted in the world’s largest bitcoin seizure, valued at over £5 billion ($6.7 billion).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court on Monday to illegally acquiring and possessing tens of thousands of bitcoins. Her admission comes after a seven-year global investigation that uncovered the scope of her scheme and the vast fortunes she attempted to launder through property investments in the United Kingdom.
A Fraud That Shook Thousands of Families
Between 2014 and 2017, Qian masterminded an elaborate scam in China at the height of cryptocurrency’s first major boom. She lured unsuspecting investors with promises of guaranteed profits, daily dividends, and financial freedom.
According to Chinese media outlet Lifeweek, many victims were middle-aged or elderly citizens aged between 50 and 75. They were persuaded by trusted relatives, friends, or community leaders to part with their savings, often investing “hundreds of thousands to tens of millions” of yuan. By the time the scheme collapsed, more than 128,000 individuals had lost money.
The fraud highlights how cryptocurrency hype and the promise of quick returns became fertile ground for exploitation, especially among those less familiar with digital finance. For many victims, entire life savings were wiped out.
Record-Breaking Bitcoin Seizure
The Metropolitan Police confirmed that 61,000 bitcoins were seized from Qian, describing the case as the most significant cryptocurrency recovery in UK history. Detectives revealed that their investigation began in 2018 after receiving intelligence about suspicious transfers of criminal assets linked to property transactions in London.
Detective Sergeant Isabella Grotto, who led the Metropolitan Police’s investigation, explained the complexity of the case. “She had been evading justice for five years. Her arrest required a complex, multi-jurisdictional effort involving authorities across borders. This seizure represents not only the largest cryptocurrency recovery in the UK but also one of the most important steps in tackling financial crimes that cross continents.”
Qian, now 47, fled China using false documentation before arriving in Britain, where she attempted to legitimize her ill-gotten gains. Investigators found that she was using the stolen bitcoin fortune to buy luxury properties in London and abroad, in an attempt to conceal the origin of the funds.
Legal Response and Compensation Efforts
Qian’s lawyer, Roger Sahota of Berkeley Square Solicitors, said his client hoped her guilty plea would pave the way for victims to recover their money. “By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation, and to reassure them that the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses,” Sahota said in court.
Since bitcoin’s value has risen dramatically since the time of the fraud, the cryptocurrency holdings recovered by the Metropolitan Police are now worth far more than the original sums stolen. This could provide a rare glimmer of hope for victims who may recover more than they initially lost.
Wider Criminal Network
The investigation also revealed that Qian did not act alone. Jian Wen, a 44-year-old takeaway worker, was implicated as one of her key accomplices. Wen helped launder funds on Qian’s behalf, moving money through high-value purchases and property investments.
In 2023, Wen was sentenced to six years and eight months in prison after prosecutors detailed how she moved from living above a small restaurant to occupying a multi-million-pound home in North London. She also purchased two properties in Dubai worth more than £500,000. Police later seized more than £300 million worth of bitcoin from Wen.
The case demonstrated how individuals with seemingly modest lifestyles could suddenly become conduits for laundering enormous sums of illicit wealth, raising questions about oversight in the global property market and cryptocurrency exchanges.
Prosecutors Warn of Rising Crypto Crime
Deputy Chief Crown Prosecutor Robin Weyell described the case as a milestone in the fight against cryptocurrency-based crime. “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets,” Weyell said. “This case, involving the largest cryptocurrency seizure in the UK, illustrates the vast proceeds criminals can generate and the devastating impact on victims.”
The Crown Prosecution Service (CPS) has vowed to ensure that stolen funds cannot be reclaimed by fraudsters and that victims will be compensated wherever possible. Working closely with Chinese authorities, the CPS is pursuing international cooperation to trace additional assets linked to Qian’s network.
Some victims in China have already received partial repayments through a compensation scheme set up by authorities there, though many are still awaiting justice.
Ongoing Investigation
While Qian’s conviction marks a significant milestone, police say their investigation remains ongoing. Authorities are pursuing potential accomplices and tracking additional funds that may still be hidden in cryptocurrency wallets across multiple jurisdictions.
The Metropolitan Police emphasized that such crimes illustrate the challenges of regulating digital currencies, which allow money to move across borders with speed and anonymity. They called for greater international collaboration to combat financial crimes in the cryptocurrency sector.
Qian is currently being held in custody ahead of her sentencing, with a date yet to be confirmed. Legal experts suggest she could face a lengthy prison term given the scale of her fraud and the number of victims affected.
Broader Implications
The case comes as governments worldwide grapple with how to regulate cryptocurrency markets while protecting investors from fraud. In recent years, regulators have tightened anti-money laundering rules for digital exchanges, but cases like Qian’s show how sophisticated criminals continue to exploit loopholes.
For many, the trial underscores the double-edged nature of cryptocurrencies: while they provide opportunities for innovation and investment, they also present risks of large-scale abuse. The world’s largest bitcoin seizure, achieved in London, signals both the immense wealth that digital assets can hold and the vulnerabilities of systems that lack oversight.
As the sentencing of Zhimin Qian approaches, victims across China and beyond remain hopeful that justice will be matched by restitution. The recovery of more than £5 billion in digital assets provides a rare chance for compensation in a sector where fraud often leaves victims with little recourse.
For global authorities, the message is clear: as cryptocurrency becomes ever more embedded in the financial system, so too must efforts to prevent it from becoming a playground for fraudsters.
