A Chinese national has been convicted in what police describe as the world’s largest cryptocurrency recovery. The Metropolitan Police confirmed a record bitcoin seizure worth more than £5 billion ($6.7 billion) at current prices.
Zhimin Qian, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court to illegally acquiring and holding the cryptocurrency. Between 2014 and 2017, she orchestrated a vast fraud scheme in China, defrauding over 128,000 victims. The stolen funds were later stored in bitcoin assets.
According to investigators, Qian fled China using false documents and entered the UK, where she attempted to launder the money by purchasing property. She had been evading justice for five years before her arrest. The Metropolitan Police said the conviction followed a seven-year international investigation that involved several jurisdictions.
Detective Sergeant Isabella Grotto, who led the inquiry, described the case as one of the most complex economic crime investigations carried out by the force. She confirmed that the bitcoin seizure marked a turning point in tracking and intercepting criminal assets hidden in digital currencies.
Qian’s solicitor, Roger Sahota, said his client’s guilty plea was intended to reassure victims waiting for compensation since 2017. He added that the sharp rise in cryptocurrency prices meant there were more than enough funds to repay losses. However, reports suggest the UK government may attempt to retain some of the seized assets.
Her accomplice, Jian Wen, a former restaurant worker, was jailed last year for laundering proceeds from the scam. Wen reportedly moved from modest living conditions to a multimillion-pound house in north London and purchased properties in Dubai. Police said they also recovered more than £300 million worth of bitcoin from her.
Officials stress that the case demonstrates how criminals exploit cryptocurrency to disguise and transfer wealth. The massive bitcoin seizure highlights both the risks of crypto-enabled fraud and the increasing ability of law enforcement to recover stolen assets.
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