Cryptocurrency Fraudster Sentenced in UK
A woman from China was sentenced to over 11 years in prison by a British court for defrauding more than 128,000 people through a Ponzi scheme. She was found with £5 billion (approximately $6.6 billion) in Bitcoin.
Police disclosed that this was the largest cryptocurrency seizure in the UK, where officers found a device containing 61,000 Bitcoins while investigating Jimin Qiang, aged 47.
Qian, referred to as the “Crypto Queen” in British media, was arrested in April 2024 after living a lavish lifestyle in Europe and avoiding capture. Prosecutors noted that she stayed in luxury hotels and spent money on high-end jewelry and watches during her time on the run.
The scheme, which ran from 2014 to 2017, coerced over 128,000 individuals, including many who invested their savings and pensions, to put their money into her business. Authorities revealed that she retained the illegally acquired funds in Bitcoin.
After drawing attention from Chinese authorities, Qian fled to the UK using false documentation. Upon reaching London, she rented an extravagant house for over £17,000 ($23,000) a month and attempted, but failed, to purchase a multimillion-pound property to facilitate Bitcoin exchanges.
Investigators discovered a note where Qian listed her ambitions, including a peculiar intention to become “monarch of Liberland,” a self-proclaimed nation situated between Croatia and Serbia.
Additional notes indicated her desire to meet dukes and royalty, revealing a rather unusual set of aspirations.
Judge Sally Ann Hales remarked that Qian meticulously planned her crimes from beginning to end. She stated, “Your motive was pure greed. You left China and for a time enjoyed a life of luxury without a thought for the people whose investments you stole. You lied and conspired while pursuing your own interests.”
A businessman, who confessed to money laundering and related charges, received a sentence of 11 years and eight months in Southwark Crown Court on the same day.
Qian was sentenced alongside her accomplice, Seng Hok Lin, a 47-year-old Malaysian national charged with facilitating Qian’s cryptocurrency transfers and laundering. Lin accepted a plea deal and was sentenced to almost five years.
