A Chinese woman has been convicted in the United Kingdom (UK) for her involvement in one of the world’s largest cryptocurrency fraud and money laundering schemes.
Zhimin Qian, 47, also known as Yadi Zhang, admitted guilt under the Proceeds of Crime Act to two charges related to the acquisition and possession of criminal cryptocurrency. The case involved more than 61,000 bitcoin (BTC) stolen from 128,000 victims, now valued at nearly $7 billion.
According to the Metropolitan Police, the conviction followed a “meticulous” investigation and “unprecedented cooperation with Chinese law enforcement.” Investigators were able to trace the cryptoassets and establish their criminal origins, which Qian attempted to launder in the UK.
One of the Largest Crypto Laundering Cases in UK History
Will Lyne, Head of the Met’s Economic and Cybercrime Command, said the outcome represents “one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally.”
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The case first came to light in early 2024 during the trial of Qian’s associate, Jian Wen. Officers seized four devices containing the 61,000 BTC from a London safety deposit box and a property shared by the two women. Wen was accused of helping Qian convert the bitcoin into cash, jewelry, and luxury property. She was later found guilty and sentenced to nearly seven years in prison for her role.
The Met Police said in a statement that the landmark conviction highlights the efforts of its officers and staff, who are leveraging advanced technology to combat criminal activity connected to serious and organized crime.
