Simply put
- Zhimin Qian has pleaded guilty to acquiring and owning a significant amount of criminal property, specifically nearly 61,000 bitcoins, valued at about $7 billion.
- She defrauded 128,000 individuals in China, ultimately converting the illicitly obtained funds into Bitcoin.
- The Bitcoin involved was seized between 2018 and 2021, amounting to roughly $7 billion.
Zhimin Qian, a citizen from China, admitted her guilt in a UK court regarding the possession of around 61,000 bitcoins, which are collectively worth $7 billion.
This plea comes after a thorough seven-year investigation into international money laundering. It’s revealed that Qian, along with accomplice Yadi Chang, orchestrated a large-scale fraudulent investment scheme that victimized many.
“Today’s guilty plea marks the end of years of hard work by the Met’s economic crime team and our partners,” commented Will Lyne, the head of Economic and Cybercrime Command at the Met.
“This is one of the biggest money laundering cases in UK history and among the most significant cryptocurrency cases globally,” he emphasized, expressing pride in his team’s efforts.
Qian’s scam operated from 2014 to 2017, tricking numerous individuals and converting the stolen funds into Bitcoin. In 2018, she left China, entering the UK under false documentation, and subsequently attempted to launder her funds through property purchases with her co-conspirator, Jian Wen.
In total, the authorities confiscated the 61,000 bitcoins between 2018 and 2021, which is known to be the largest code attack worldwide. Wen was also convicted of money laundering last year, receiving a sentence exceeding six years and a financial penalty of more than $3 million due to her involvement.
A civil lawsuit regarding the recovered funds is currently in progress. However, a UK legal partner has noted that for Chinese investors, establishing a legitimate claim to these funds might be quite challenging.
“Bitcoin and other cryptocurrencies are increasingly becoming tools for organized crime to launder and transfer assets, allowing fraudsters to benefit from their illicit activities,” stated Deputy Director Robin Weiel from the prosecution’s office.
“CPS is collaborating closely with law enforcement to ensure that the proceeds from cryptocurrency fraud are directed back to individuals and businesses that have been victimized,” she added.
Qian will remain in custody as her sentencing follows this guilty plea.
