Zhimin Qian, also known as Yadi Zhang, has been sentenced to 11 years and 8 months in prison for her role in a massive cryptocurrency fraud scheme that defrauded 128,000 Chinese investors out of more than 40 billion yuan (approximately $5.6 billion or £4.2 billion). Qian, 45, pleaded guilty to acquiring and possessing criminal property, specifically cryptocurrency, between October 2017 and 2025. Her motive was described by Judge Sally-Ann Hales as "pure greed." Qian orchestrated the fraud in China between 2014 and 2017, embezzling funds that were ostensibly for high-tech health products and cryptocurrency mining.
Qian fled China in September 2017 using a fake passport and settled in a mansion in Hampstead, north London, where she paid over £17,000 ($22,700) per month in rent. She attempted to launder her illicit gains by converting bitcoin into other assets, including properties. Her attempts to purchase a large property in Totteridge Common triggered a police investigation. In 2018, UK authorities raided her Hampstead residence and seized devices containing 61,000 bitcoins, currently valued at over £5 billion ($6.7 billion), which the Metropolitan Police believe to be the largest single cryptocurrency seizure globally.
Her associate, Malaysian national Seng Hok Ling, was also sentenced to 4 years and 11 months, with confiscation proceedings initiated to retrieve over £16.2 million from him. The seized bitcoins have significantly increased in value since her arrival in the UK, multiplying more than 20 times. The fate of these funds will be determined in a civil "proceeds of crime" case, with thousands of Chinese investors planning to claim their losses. It remains unclear whether victims will receive their original investment or an amount reflecting Bitcoin's appreciation. Any unclaimed funds would typically default to the UK government, though the Treasury has not commented on its plans.
