UK Convicts Chinese Woman in $6.9B Bitcoin Fraud, Seizes Record 61,000 BTC

Zhimin Qian, a Chinese woman also known as Yadi Zhang, was convicted in a UK court for orchestrating one of the world's largest Bitcoin scams, defrauding over 128,000 victims in China and amassing approximately 61,000 BTC worth around $6.7 billion. The fraud took place between 2014 and 2017, with Qian converting stolen funds into Bitcoin to obscure the money trail before fleeing to the UK using false documents. Authorities seized the massive cryptocurrency haul after a seven-year investigation led by the Metropolitan Police, marking the largest crypto seizure in the UK and possibly globally. Qian attempted to launder the illicit funds by purchasing luxury properties with assistance from her accomplice Jian Wen, who was previously jailed for money laundering. This case highlights the growing misuse of cryptocurrencies by organized criminals and underscores law enforcement's increasing capability to tackle complex crypto-driven financial crimes. Sentencing for Qian has yet to be scheduled, and authorities are pursuing confiscation proceedings to recover the stolen assets.