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She led a life filled with luxury, which earned her the title “goddess of wealth,” but Chinese entrepreneur Zhimin Qian now confronts a lengthy prison term following police operations that resulted in the UK’s biggest cryptocurrency confiscation to date—Bitcoin valued at more than $6 billion.

A 47-year-old individual, using the alias Yadi Zhang, deceived over 128,000 people via a fraud operation in China between 2014 and 2017, and kept the stolen money in Bitcoin holdings.

Qian was central to the fraudulent scheme. Following her departure from China in 2018 with fake documents, she arrived in the United Kingdom (UK), where she tried to conceal the stolen funds, as reported by law enforcement and prosecutors.

She could receive a sentence of up to 14 years in prison.

A Chinese national, who admitted to obtaining and holding illicit property on September 29, will receive a sentence following a two-day trial on Monday and Tuesday at Southwark Crown Court in London.

A 47-year-old Malaysian associate, Seng Ling, confessed to money laundering at the same court previously and is also scheduled for sentencing.

Another associate, Jian Wen, received a six-year and eight-month prison sentence last year for her involvement in the scheme, following her discovery with Bitcoin wallets valued at more than $2 billion.

It is thought that Qian organized a fraudulent investment scheme, where returns to existing investors are funded by money from new participants.

Having transformed a significant amount of her victims’ money into Bitcoin, she began the process of money laundering in the UK by acquiring properties, such as a $30-million mansion in London.

Huge losses

The police monitoring of Qian’s co-defendant Ling resulted in her arrest in April 2024, with £11 million in cash, gold, and cryptocurrencies being confiscated.

Prior to the arrest, London authorities carried out what they think is the biggest cryptocurrency confiscation ever: over 61,000 Bitcoins, valued at more than $6 billion based on current prices.

William Glover from the law firm Fieldfisher informed AFP that this case could be “the biggest legal matter of its kind in terms of value, involving an individual rather than a company.”

Several of his clients had experienced significant personal losses that impacted their lives, relationships, and families, he mentions.

As stated by Jackson Ng from Duan & Duan, who is acting on behalf of other investors, the defendant held public gatherings while asserting there was governmental backing.

Individuals who were not experienced investors and did not intend to scrutinize everything were lured in and taken advantage of, he further notes.

A Chinese couple in their 40s, both office employees, lost hundreds of thousands of dollars that they had saved for their retirement and their daughter’s future following a presentation they attended in 2016.

The expected return on their investment ceased in 2017. Their daughter has since cut off all communication with them, according to Ng.

Driven by increasing enthusiasm, Bitcoin, which was valued at approximately $3,600 by the end of 2018, is now fluctuating near $100,000.

Information regarding a compensation plan introduced by British officials is currently being discussed in London’s High Court during civil litigation.

Approximately 1,300 individuals accused of being victims have come forward, as reported by those connected to the case.

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