Record UK bitcoin haul nets 11-year sentence for Chinese national who lived lavishly on stolen funds
A Chinese national received an 11-year sentence for laundering illicitly obtained cryptocurrency linked to a massive Chinese investment fraud.Summary
Zhimin Qian (also known as Yadi Zhang), a Chinese national, was sentenced to 11 years and eight months in a London court after pleading guilty to illegal crypto acquisition and money laundering. This case involved what prosecutors called the largest cryptocurrency seizure in UK history, with over 60,000 bitcoins seized, valued at approximately $6.2 billion at the time of sentencing. Qian ran an investment fraud scheme in China between 2014 and 2017, defrauding about 128,000 people of roughly £600 million, with about £20 million converted into bitcoin. After fleeing to the UK, she attempted to convert the crypto into cash with the help of Jian Wen and Senghok Ling, though they faced challenges with KYC requirements. Qian evaded police for years before being arrested in New York in April 2024. Ling also pleaded guilty to money laundering and received nearly five years in prison, with the Attorney General noting that the pair used the funds to fund their lavish lifestyles.
(Source：The Block)