"A Chinese national has been convicted for her role in a fraudulent cryptocurrency scheme after law enforcement authorities in the U.K. confiscated £5.5 billion (about $7.39 billion) during a raid of her home in London. The cryptocurrency seizure, amounting to 61,000 Bitcoin, is believed to be the single largest such effort in the world, the Metropolitan Police said. Zhimin Qian (aka Yadi Zhang), 47, pleaded guilty at Southwark Crown Court on Monday to offenses related to acquiring and possessing criminal property (i.e., cryptocurrency). She is expected to be sentenced at a later date."
"The Met Police said the seizure was the result of a probe launched in 2018 after it received a tip-off about the transfer of criminal assets, with the agency accusing Zhang of orchestrating a large-scale fraud in China between 2014 and 2017 that defrauded more than 128,000 victims. According to Sky News, Zhang was arrested in April 2024. The scheme essentially duping victims, mostly between 50 and 75 years old, into investing their funds with false promises of daily dividends and guaranteed profits, after which the proceeds are converted into Bitcoin."
"'She then fled China using false documents and entered the U.K., where in September 2018 she attempted to launder the proceeds via purchasing property, with the assistance of an assailant, Jian Wen,' the agency noted. Wen was also jailed for six years and eight months last May for her role in the operation, which involved facilitating the movement of a cryptocurrency wallet that contained 150 Bitcoin, then valued at £1.7 million ($2.28 million). Earlier this January, Wen was ordered to pay back more than £3.1 million ($4.16 million) or face extra time in jail."
Zhimin Qian, also known as Yadi Zhang, pleaded guilty to offenses related to acquiring and possessing criminal property after U.K. authorities seized £5.5 billion in cryptocurrency, approximately 61,000 Bitcoin. The Metropolitan Police regard the seizure as the largest such effort globally. The seizure followed a probe begun in 2018 after a tip-off and is tied to an alleged large-scale fraud in China between 2014 and 2017 that defrauded more than 128,000 victims, primarily aged 50–75. Proceeds were converted to Bitcoin and moved abroad. Qian reportedly fled China on false documents, entered the U.K., and attempted to launder proceeds through property purchases with assistance; a co-conspirator received prison time and an asset recovery order.
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