UK convicts "Bitcoin Queen" in world’s largest cryptocurrency seizure

The Metropolitan Police has secured a conviction in what is believed to be the world’s largest cryptocurrency seizure, valued at more than £5.5 billion. Zhimin Qian, 47, also known as Yadi Zhang, pleaded guilty today at Southwark Crown Court to acquiring and possessing criminal property under the Proceeds of Crime Act, after running a multibillion-pound fraud that defrauded more than 128,000 victims in China between 2014 and 2017.

The court heard that Qian was the mastermind behind a company that promised investors returns of 100%–300% and reportedly raised 40 billion yuan from around 130,000 investors, earning her the nickname “Bitcoin Queen” in China. When the scheme collapsed in 2017, she converted the proceeds into Bitcoin and fled to the United Kingdom, and the Met launched its inquiry in 2018, seizing 61,000 Bitcoin.

At the time of seizure these holdings were worth hundreds of millions, and they are now valued at approximately £5.5 billion; Wen, her associate, was later sentenced to six years and eight months in prison for her role, according to The Metropolitan Police.