Qian Pleads Guilty in £5bn Bitcoin Case

Zhimin Qian (also known as Yadi Zhang) pleaded guilty at Southwark Crown Court to acquiring, possessing and transferring criminal property linked to more than 61,000 BTC — a seizure UK authorities say is now worth over £5 billion. Prosecutors say Qian ran a fraudulent investment scheme in China from 2014 to 2017 that defrauded about 128,000–130,000 victims and converted the proceeds into Bitcoin. She fled to the UK in 2017 on a bogus St Kitts and Nevis passport and, according to investigators, tried to launder the proceeds by buying property with the help of accomplice Jian Wen, who was later jailed. Qian was arrested in April 2024 and has been remanded pending sentencing. The Metropolitan Police and Crown Prosecution Service credited years of complex, cross‑border investigation with assistance from Chinese authorities, and the seizure has prompted competing legal claims and political attention, including reports the funds have been eyed to help plug public finances. The case highlights the challenges of prosecuting cross‑border cryptocurrency crime.