A United Kingdom court has convicted a Chinese national, Qian Zhimin, in what authorities described as the world’s largest cryptocurrency seizure, after police uncovered 61,000 bitcoin worth over £5 billion ($6.7 billion).
BBC reported that Qian, 47, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court to illegally acquiring and possessing digital currency linked to a huge investment scam that defrauded more than 128,000 victims in China between 2014 and 2017.
Her conviction follows a seven-year probe across several countries, launched after suspicious transfers of assets were flagged to the Metropolitan Police.
Detective Sergeant Isabella Grotto, who led the investigation, said the case involved “extensive cooperation with international partners” to trace Qian, who had been “evading justice for five years” before her arrest in Britain with fake documents.
The Met disclosed that Qian fled China and sought to clean up stolen funds by investing in UK properties.
Her solicitor, Roger Sahota of Berkeley Square Solicitors, said, “By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation… There are more than sufficient funds available to repay their losses.”
Another suspect, Seng Hok Ling, a Malaysian, also admitted to laundering funds for Qian. Confiscation hearings are under way to recover over £16.2 million from him, with the figure subject to bitcoin values before their sentencing in November.
The case, described by prosecutors as “a landmark in crypto-related crime investigations,” highlights the growing use of digital assets to conceal criminal proceeds.
Deputy Chief Crown Prosecutor Robin Weyell said: “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
UK Security Minister Dan Jarvis hailed the conviction as a warning to money launderers, stressing: “Money laundering erodes trust, undermines our economy, and fuels the rise of serious organised crime.”
Qian, who remains in custody, will be sentenced on November 10 alongside Seng Hok Ling.