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“compiled:Sophia Bennett”
London, United Kingdom — The Bitcoin fraud case UK reached a dramatic turn Monday when Chinese businesswoman Zhimin Qian, also known as Yadi Zhang, admitted her role in a multibillion-pound scam. Qian pleaded guilty at Southwark Crown Court to charges of acquiring and possessing criminal property, marking a milestone in what experts describe as one of the world’s largest cryptocurrency seizures.
Fraud targeting thousands in China
Between 2014 and 2017, prosecutors said Qian defrauded more than 128,000 victims in China. She then converted the stolen funds into Bitcoin, building a digital fortune now worth about £5.5 billion (C$10.3 billion). After securing the assets, she fled China with false documents and entered the U.K.
In 2018, investigators revealed she attempted to launder the proceeds by purchasing property in Britain. London’s Metropolitan Police confirmed the scheme combined cybercrime, fraud, and international money laundering.
Police call it unprecedented
Will Lyne, head of the Met’s Economic and Cybercrime Command, described the case as historic. “This stands as one of the largest frauds in U.K. history and among the most significant cryptocurrency prosecutions globally,” he said.
The size of the Bitcoin haul highlights how cybercriminals increasingly exploit digital currencies. Authorities believe this case could serve as a precedent for prosecuting future large-scale cryptocurrency crimes.
Connection to jailed accomplice
The Bitcoin fraud case UK also linked to Jian Wen, Qian’s accomplice. Investigators proved Wen helped move cryptocurrency wallets containing 150 Bitcoin, then worth £1.7 million (C$3.2 million). Last year, a London court sentenced Wen to six years and eight months for her role.
The Met stressed that the lengthy seven-year investigation showed the scale of resources needed to tackle financial cybercrime.
Next steps in court
Following her guilty plea, the court adjourned Qian’s case until Tuesday. Her trial had been scheduled to begin that day, but her admission eliminated the need for prolonged proceedings. Legal experts expect prosecutors to push for a lengthy sentence given the scale of the crime.
The outcome of this high-profile case may shape how British authorities pursue future cryptocurrency crimes. It also underscores the global dimension of cyber fraud, linking victims in China with financial networks in the U.K.
