LONDON, UK — A Chinese national, identified as Zhimin Qian, also known as Yadi Zhang, has been convicted in the UK following a massive international fraud investigation that led to the seizure of what is believed to be the single largest amount of cryptocurrency in history.
The Metropolitan Police confirmed it recovered a staggering 61,000 Bitcoin, with an estimated current value exceeding £5 billion ($6.7 billion).
Qian, 47, pleaded guilty on Monday at Southwark Crown Court to illegally acquiring and possessing the vast quantity of cryptocurrency.
Details of the Multi-Billion Pound Scam
According to a statement from the Met, Qian orchestrated a large-scale fraudulent scheme in China between 2014 and 2017. The sophisticated scam defrauded more than 128,000 victims, with the stolen funds being converted and stored primarily in Bitcoin assets.
Qian’s guilty plea is the culmination of a seven-year-long, complex probe into a global money laundering network. Detective Sergeant Isabella Grotto, who led the Met’s investigation, noted the complexity involved, stating that Qian had been “evading justice” for five years following the initial crime. The investigation required cooperation across multiple international jurisdictions.
Qian fled China using false documents and entered the UK, where she attempted to launder the ill-gotten gains by purchasing property.
Hopes for Victim Compensation
Qian’s solicitor, Roger Sahota of Berkeley Square Solicitors, released a statement suggesting the guilty plea was made in part to aid the victims. “By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation,” Sahota said, adding that “the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses.”
Despite this sentiment, some reports indicate the UK government may seek to retain the seized funds. The BBC has reportedly reached out to the Treasury and the Home Office for clarification on the final destination of the enormous haul. Reforms to UK crime legislation, implemented under the previous Conservative government, were designed to simplify the process for authorities to seize, freeze, and recover crypto assets, and also allow some victims to apply for the return of their holdings.
Accomplice Previously Jailed
Qian had an accomplice in the UK, Jian Wen, who was jailed last year for six years and eight months for her role in laundering the criminal proceeds.
Wen, 44, transitioned from living above a Chinese takeaway restaurant to occupying a “multi-million pound rented house” in North London as she laundered the scam’s profits. The Crown Prosecution Service (CPS) also noted that Wen used the funds to purchase two properties in Dubai valued at over £500,000. Separately, the Met had seized more than £300 million worth of Bitcoin from Wen.
