One of the Largest Crypto Frauds in History
A Chinese national, Zhimin Qian, also known as Yadi Zhang, has pleaded guilty in a UK court to her role in a $7 billion Bitcoin fraud scheme. Authorities revealed that 61,000 BTC were seized during the investigation, making it one of the largest money laundering and crypto fraud cases in history.
According to the Metropolitan Police, Qian orchestrated a fraudulent investment scheme between 2014 and 2017, defrauding 128,000 victims worldwide. The illegally obtained funds were later converted into Bitcoin, which Qian attempted to conceal through property purchases and shell transactions.
From China to the UK with a False Identity
Qian fled China in 2018 using false documentation and later entered the UK. She attempted to launder the stolen Bitcoin with the help of Jian Wen, her associate. Wen was convicted of money laundering in 2023, sentenced to six years in prison, and ordered to repay over $3 million linked to the scheme.
The 61,000 BTC tied to Qian were seized between 2018 and 2021. At today’s prices, the stash is valued at just under $7 billion, underscoring the unprecedented scale of the case.
Civil Battles Ahead Over Bitcoin Ownership
While the criminal trial has now ended in a guilty plea, the battle over the funds has only just begun. Civil proceedings are underway as investors attempt to claim ownership of the seized Bitcoin. However, UK legal experts caution that proving legitimate proprietary claims could be a “considerable challenge” given the complexity of the fraud.
The Crown Prosecution Service (CPS) emphasized that crypto is increasingly being used to mask illicit activity.
A Warning on Crypto and Organized Crime
Qian’s case highlights how cryptocurrencies can be misused by organized crime syndicates. Despite Bitcoin’s transparency on the blockchain, fraudsters are still finding ways to obscure the origins of funds through laundering tactics and third-party intermediaries.
Authorities said the conviction should serve as a global warning: while digital assets have powerful legitimate use cases, they also pose unique challenges for law enforcement.
What’s Next for Qian?
Following her guilty plea, Qian has been remanded into custody. The UK court will sentence her at a later date, though prosecutors are expected to push for a lengthy prison term, given the historic scale of the fraud.
The case marks a milestone in global crypto crime enforcement — not only for the record-breaking seizure of Bitcoin, but also for its message that large-scale crypto fraud will not go unpunished.
