U.K. Police Just Seized £5.5 Billion in Bitcoin — The World’s Largest Crypto Bust

A Chinese national has been convicted for her role in a fraudulent cryptocurrency scheme after law enforcement authorities in the U.K. confiscated £5.5 billion (about $7.39 billion) during a raid of her home in London. The seizure, amounting to 61,000 Bitcoin, is believed to be the single largest such effort in the world, according to the Metropolitan Police.

Zhimin Qian (aka Yadi Zhang), 47, pleaded guilty at Southwark Crown Court on Monday to offences related to acquiring and possessing criminal property (i.e., cryptocurrency) and is expected to be sentenced at a later date, according to Sky News. The Met Police said the probe began in 2018 after a tip-off about the transfer of criminal assets, with the agency accusing Zhang of orchestrating a large-scale fraud in China between 2014 and 2017 that defrauded more than 128,000 victims.

The operation also involved Jian Wen, who was jailed for six years and eight months last May for her role, including moving a cryptocurrency wallet containing 150 Bitcoin, then valued at £1.7 million, and Wen was ordered earlier this January to pay back more than £3.1 million or face extra time in jail.