Cryptoqueen Qian Zhimin Sentenced for £5bn Bitcoin Scam

Sun Nov 30 2025 23:06:54 GMT+0200 (Eastern European Standard Time)

Qian Zhimin, a Chinese fugitive who embezzled billions from investors claiming to develop cryptocurrency technology, has been sentenced in the UK for her extensive fraud. Her case raises questions about the potential recovery for investors as Bitcoin's value skyrockets.

Qian Zhimin has been sentenced to 11 years and 8 months for laundering funds stolen from over 100,000 Chinese pensioners. After fleeing to the UK and living lavishly, her arrest led to one of the largest cryptocurrency seizures in British history. Victims of her fraud now hope to recover their losses through a civil case over the seized assets. The ongoing saga reveals the devastating impact of her scheme on countless individuals.

Qian Zhimin, a woman identified by police as a key figure in a £5 billion cryptocurrency scam, was sentenced to 11 years and eight months in prison for money laundering. Southwark Crown Court heard from Judge Sally-Ann Hales that Qian was the mastermind behind the fraudulent scheme, driven by 'pure greed.'

After fleeing China, Qian lived in a lavish mansion in Hampstead, North London, where police uncovered a massive cache of cryptocurrency during a raid, believed to be one of the largest seizures of its kind in the UK.

More than 100,000 people invested in her company, Lantian Gerui, which claimed it was developing health products and cryptocurrency mining technology. However, evidence revealed that Qian embezzled funds instead. Many investors now seek compensation from the UK government, hoping that part of Qian's seized assets can be reclaimed.

Victims express their heartbreak, with some, like Mr. Yu, stating that the scam resulted in financial and personal devastation, including divorce.

Qian entered the UK under a false identity in 2017, establishing her lavish lifestyle while planning ambitious future projects. Her arrest followed an investigation triggered by her purchasing attempts of high-value properties, putting her alleged wealth under scrutiny.

The scam's backbone included a series of marketing strategies preying on vulnerable individuals, particularly older investors, leading to losses exceeding $5.6 billion. Despite the ruin it caused, Qian managed to live in luxury, using the funds she defrauded to maintain her lifestyle.

Following her guilty plea, victims now look forward to a civil 'proceeds of crime' case to reclaim portions of their investment as the value of Bitcoin skyrockets post-investigation.

The repercussions of Qian's actions serve as a stark reminder of the vulnerabilities in cryptocurrency investments, leaving countless victims reflecting on their lost fortunes.