£5 Billion Bitcoin Seizure: Chinese Fraudster Convicted in World’s Largest Crypto Scam After Defrauding 128,000 Victims

A Chinese national, Zhimin Qian — also known as Yadi Zhang — has been convicted in what UK authorities believe is the world’s largest cryptocurrency seizure to date. The Metropolitan Police recovered 61,000 bitcoin, currently valued at over £5 billion ($6.7 billion), linked to a massive investment fraud.

Qian, 47, pleaded guilty at Southwark Crown Court to acquiring and possessing the bitcoin illegally. Between 2014 and 2017, she led a large-scale scam in China that defrauded over 128,000 victims. The stolen funds were converted into bitcoin and hidden across a global money laundering network.

After fleeing China with false documents, Qian entered the UK and attempted to launder the crypto proceeds through property purchases. Her arrest followed a complex, seven-year international investigation involving multiple jurisdictions.

Qian’s associate, Jian Wen — a former takeaway worker — was previously jailed for laundering the proceeds and living a life of luxury in London and Dubai. Authorities seized over £300 million in crypto from Wen.

Victims of the scam, many of them elderly, had invested large sums based on personal referrals, often knowing little about Qian, who was dubbed the “goddess of wealth” in Chinese media.

While Qian’s solicitor claims there are sufficient funds to repay victims, questions remain over whether the UK government will retain the seized assets. Qian is in custody awaiting sentencing, pending further trials involving other suspects.