A London court has convicted a Chinese woman in connection with what authorities say is the world’s largest cryptocurrency fraud, following the seizure of 61,000 bitcoin worth more than $6.7 billion.
Zhimin Qian, 47, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court to acquiring and holding digital assets tied to an investment scam that defrauded more than 128,000 people in China between 2014 and 2017.
The conviction caps a seven-year international investigation into a money-laundering network that stretched across multiple countries. UK detectives said Qian evaded capture for five years by travelling with false documents before she was tracked down in Britain.
Detective Sergeant Isabella Grotto, who led the inquiry, called the case “a painstaking, multi-jurisdictional investigation” that relied on cooperation with international partners.
Prosecutors said Qian fled China with stolen funds, which she attempted to launder through luxury property purchases in the UK. Her lawyer, Roger Sahota, told the court that she hoped her guilty plea would “bring some comfort to investors who have waited since 2017 for compensation.”
A Malaysian associate, Seng Hok Ling, also pleaded guilty to laundering funds linked to the fraud. Authorities have launched confiscation proceedings to recover more than £16 million from him, with the amount to be updated in line with bitcoin’s market value before sentencing in November.
The Metropolitan Police previously linked Qian to Jian Wen, a former takeaway worker in London who was jailed in 2024 for laundering part of the stolen assets. Wen was found to have rented a multimillion-pound home in north London and acquired Dubai properties worth over £500,000, despite her modest earnings.
UK Security Minister Dan Jarvis welcomed Qian’s conviction, calling it a “clear signal” that Britain is not a safe haven for money launderers.
Qian remains in custody and will be sentenced on November 10, alongside Hok Ling.
