In brief
Zhimin Qian, also known as Yadi Zhang, has pled guilty at Southwark Crown Court for her role in orchestrating a massive cryptocurrency fraud scheme that defrauded over 128,000 victims. Her operation, which occurred between 2014 and 2017, resulted in the theft of £5 billion worth of Bitcoin. The seizure stands as the largest in history, marking a significant victory in the fight against cybercrime.
A Chinese national has been convicted of playing a key role in what is believed to be the single largest cryptocurrency seizure in the world, worth more than £5bn ($6.7bn).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court, London of illegally acquiring and possessing the cryptocurrency.
Between 2014 and 2017, she led a large-scale scam in China by cheating more than 128,000 victims and storing the stolen funds in bitcoin assets, the Metropolitan Police said in a statement.
The Met said the 47-year-old's guilty plea followed a seven-year probe into a global money laundering web.
A total of 61,000 bitcoins were seized from Qian, the Met said.
The police said the probe began in 2018 after they got a tipoff about the transfer of criminal assets.
Qian had been evading justice for five years up to her arrest, requiring a complex investigation involving multiple jurisdictions, said Detective Sergeant Isabella Grotto, who led the Met's investigation.
She fled China using false documents and entered the UK, where she attempted to launder the stolen money by buying property.
By pleading guilty, Qian hopes to bring some comfort to investors who have waited since 2017 for compensation, and to reassure them that the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses.
Qian had help from Jian Wen, a takeaway worker, who was jailed for six years and eight months last year for her part in the criminal operation.
Wen laundered the proceeds from the scam and moved into a multi-million pound rented house in North London.
Chinese media outlet Lifeweek reported that investors, mostly between 50 and 75 years old, lost hundreds of thousands to tens of millions of yuan invested in Qian's schemes, which promised daily dividends and guaranteed profits.
Qian claimed their operations would help China become a hub for finance and technology, presenting herself as the goddess of wealth.
Deputy chief Crown prosecutor, Robin Weyell, noted the increase in organized criminals using cryptocurrencies to disguise and transfer assets.
The investigation continues, with efforts to prevent the fraudsters from accessing the seized funds.
Qian remains in custody ahead of sentencing, which has yet to be scheduled.
