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A Chinese citizen has admitted guilt regarding her involvement in the largest cryptocurrency confiscation globally, which exceeds £5 billion ($6.7 billion).
Key Takeaways:
- Zhimin Qian confessed in London to orchestrating a multi-billion-dollar cryptocurrency fraud that resulted in the confiscation of 61,000 BTC.
- The scheme affected over 128,000 victims in China, with the illicit funds laundered through real estate acquisitions and facilitated by accomplice Jian Wen.
- UK officials described the seven-year inquiry as a significant achievement in combating crypto-related financial crimes.
Zhimin Qian, also referred to as Yadi Zhang, appeared at Southwark Crown Court in London on Monday, where she acknowledged unlawfully obtaining and holding tens of thousands of Bitcoins associated with a large-scale fraud operation in China.
The Metropolitan Police reported that Qian orchestrated an extensive investment scam in China from 2014 to 2017, targeting more than 128,000 individuals.
UK Authorities Confiscate 61,000 BTC Tied to Extensive Fraud Scheme
The misappropriated funds were converted into Bitcoin, ultimately leading to the seizure of 61,000 BTC by UK authorities.
The Metropolitan Police initiated an investigation in 2018 after receiving a tip regarding suspicious digital asset transfers. After years of evading capture, Qian was finally arrested in the UK, where she had been living under a false identity.
Authorities indicated that she attempted to launder the proceeds by acquiring high-value real estate.
“This was a meticulous, multi-jurisdictional investigation lasting seven years,” stated Detective Sergeant Isabella Grotto, who oversaw the case.
“Qian’s arrest and conviction represent a significant advancement in addressing the unlawful use of crypto assets.”
Qian was not acting independently. She received assistance from Jian Wen, a former Chinese takeaway employee who aided in laundering the stolen assets.
Wen, 44, was sentenced last year to six years and eight months in prison after transitioning from modest accommodations above a restaurant to an upscale residence in North London.
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This follows a seven-year ongoing investigation by the Met’s Economic Crime team into international money laundering, which today has seen the leading figure convicted for her crimes.
Zhimin Qian, 45 (04.09.1978), of no fixed address, pleaded guilty at Southwark Crown Court on… pic.twitter.com/DYaor97YLH— Politics UK (@PolitlcsUK) September 29, 2025
Authorities reported that she also purchased two properties in Dubai valued at over £500,000. The Metropolitan Police confiscated more than £300 million in Bitcoin from Wen.
Court records indicate that numerous victims of Qian’s scam were enticed by promises of daily dividends and substantial returns, part of a fraudulent operation that capitalized on China’s enthusiasm for cryptocurrency at that time.
The victims reportedly included professionals and retirees, many convinced to invest by friends or family members.
Qian’s company presented itself as an innovative financial firm and claimed to support China’s goal of becoming a global fintech leader. In reality, prosecutors assert it was a facade for a large-scale cryptocurrency fraud.
Qian is currently in custody awaiting sentencing.
Crypto-Related Physical Attacks Surge 169% in Six Months
As reported, physical assaults targeting Bitcoin and cryptocurrency holders are increasing at a concerning rate, according to recent data monitored by CASA co-founder Jameson Lopp.
Since late February, 35 new violent incidents have been documented worldwide, reflecting a 169% rise in just six and a half months.
This increase contributes to an already alarming trend, as cryptocurrency markets maintain their bullish trajectory.
In total, 48 attacks have occurred thus far in 2025, indicating a 33% rise compared to all of 2024. France alone has accounted for 14 of this year’s reported incidents.
One of the most alarming incidents occurred on September 6 in Cambridge, Canada, where a young man was kidnapped at gunpoint and compelled to transfer funds into a cryptocurrency wallet.
The post Chinese National Pleads Guilty in World’s Largest $6.7B Crypto Seizure Case appeared first on Cryptonews.
