Chinese condemned to the United Kingdom after the world’s largest Bitcoin crisis in the world

A Chinese national was sentenced following an international fraud investigation which led to what would be the greatest cryptocurrency crisis in the world.

Metropolitan police said they had recovered 61,000 bitcoins worth more than 5 billion pounds Sterling ($ 6.7 billion) at current prices.

Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday in Southwark Crown runs to acquire and illegally possess the cryptocurrency.

Between 2014 and 2017, she directed a large -scale scam in China which involved cheating more than 128,000 victims and storage of stolen Bitcoin funds, the MET said in a statement.

He said that the 47 -year -old guilty advocacy has followed a seven -year investigation into a global web for money laundering that started when he kicked the transfer of criminal assets.

Qian Had been “awakened justice” over the past five years until his arrest, which required a complex investigation involving several jurisdictions, said sergeant-detective Isabella Grotto, who conducted the MET investigation.

She fled China using false documents and entered the United Kingdom, where she tried to whiten the stolen money by buying a property, said the Met.

“By pleading guilty today, Ms. Zhang hopes to bring some comfort to investors who have been waiting for compensation since 2017 since 2017, and to reassure them that the significant increase in cryptocurrency values ​​means that there are more than sufficient funds available to repay their losses”

But some reports have suggested that the British government will seek to keep the funds seized.

The BBC approached the Treasury and the Ministry of the Interior for an answer.

The reforms of crime legislation under the previous conservative government aimed to facilitate the seizure, frost and recovery of cryptographic assets.

The changes would also allow certain victims to request the release of their assets held in the accounts.

Qian received the help of a Chinese take -out worker named Jian Wen, who was imprisoned for six years and eight months last year for his role in the criminal operation.

Wen, 44, bleached the scam product and moved to living above a restaurant with a “house rented several million pounds” in northern London, said Crown Prosecution Service (CPS) earlier this year.

It also bought two properties from Dubai worth more than £ 500,000, said the CPS.

The Met said that it had seized more than 300 million pounds from Wen’s Bitcoin.

Chinese media life weekend reported in 2024 that investors, mainly between 50 and 75 years old, had paid “hundreds of thousands to tens of millions of” yuan in investments promoted by Qian.

Some of the victims – including businessmen, bank employees and members of the judiciary – would have been invited to invest with the Qian program by friends and family.

Investors knew little about Qian, who was described as “the goddess of wealth”.

“Bitcoin and other cryptocurrencies are increasingly used by criminals organized to disguise and transfer assets, so that fraudsters can benefit from the advantages of their criminal conduct,” said the deputy chief of the crown, Robin Weyell.

“This case, involving the greatest cryptocurrency crisis in the United Kingdom, illustrates the extent of the criminal product available for these fraudsters.”

The conviction on Monday marks “the culmination of years of dedicated investigation”, which involved the Chinese police and police teams, said Will Lyne, responsible for the economic and cybercriminatory command.

Qian is detained before the conviction, which will take place after a trial involving other links with the case. The date of his conviction has not yet been set.

The BBC contacted the Chinese embassy in the United Kingdom to comment.

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