A UK court convicted Chinese fraudster Qian Zhimin in the world’s largest $6.7bn crypto seizure, marking a landmark victory against digital money laundering.
A UK court has convicted Chinese national Qian Zhimin, 47, in what authorities describe as the world’s largest cryptocurrency fraud, involving the seizure of 61,000 bitcoin worth over $6.7 billion. Qian, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court to acquiring and possessing assets from a massive investment scam that defrauded 128,000 victims in China between 2014 and 2017.
Detective Sergeant Isabella Grotto said the probe required “extensive cooperation with international partners,” noting Qian had been “evading justice for five years” before her arrest. Prosecutors revealed she laundered funds through UK property purchases.
Her lawyer, Roger Sahota, stated, “By pleading guilty today, Ms Zhang hopes to bring some comfort to investors… There are more than sufficient funds available to repay their losses.”
UK authorities hailed the case as a milestone in tackling crypto crime. Qian remains in custody and will be sentenced on November 10 alongside co-defendant Seng Hok Ling.