BitQueen Convicted in Landmark £5.5 Billion Bitcoin Seizure: The World's Largest Crypto Bust

In a stunning development in the fight against financial crime, UK police have successfully seized approximately £5.5 billion (over $7 billion USD) in Bitcoin, marking the largest cryptocurrency bust in history. The operation led to the conviction of Zhimin Qian, also known as Yadi Zhang, a Chinese national implicated in a massive fraud scheme that defrauded over 128,000 victims.

Key Takeaways

• A Chinese woman, Zhimin Qian, has been convicted in the UK for her role in a large-scale cryptocurrency fraud.

• UK police seized a record-breaking £5.5 billion (61,000 Bitcoin) in assets.

• The fraud, orchestrated between 2014 and 2017, targeted over 128,000 victims in China.

• Qian fled China and attempted to launder the illicit proceeds in the UK.

• Another individual, Jian Wen, previously received a prison sentence for her involvement.

The "BitQueen" Fraud Unraveled

Zhimin Qian, reportedly nicknamed "BitQueen," pleaded guilty at Southwark Crown Court to acquiring and possessing criminal property. The conviction stems from a seven-year investigation into international money laundering. Authorities allege that Qian masterminded a fraudulent scheme in China between 2014 and 2017, duping more than 128,000 individuals. Victims were lured with false promises of daily dividends and guaranteed profits, with their invested funds subsequently converted into Bitcoin.

From China to the UK: A Trail of Deception

Following the fraud, Qian reportedly fled China using forged documents and entered the United Kingdom. In late 2018, she allegedly attempted to launder the substantial cryptocurrency proceeds by purchasing property. This effort was reportedly facilitated by Jian Wen, another Chinese national who was previously convicted and sentenced to over six years in prison for her role in the operation. Wen was also ordered to repay millions in illicit gains.

A Record-Breaking Seizure

The Metropolitan Police's seizure of 61,000 Bitcoin is considered the single largest cryptocurrency confiscation globally. This significant bust highlights the increasing use of digital assets by organized criminals to conceal and transfer illicit funds. Officials have expressed pride in the meticulous investigation and unprecedented cooperation with Chinese law enforcement that led to this outcome.

International Implications and Future Proceedings

The massive seizure has also brought potential international disputes to the forefront, with reports suggesting that both the British and Chinese governments may lay claim to the recovered funds. China argues the Bitcoin originated from a Ponzi scheme that targeted its citizens. The Crown Prosecution Service is committed to working with law enforcement to ensure these criminal assets remain beyond the reach of fraudsters, with further confiscation and civil proceedings anticipated.

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Sources

• U.K. Police Just Seized £5.5 Billion in Bitcoin — The World's Largest Crypto Bust, The Hacker News.

• Chinese woman convicted in UK over €6bn Bitcoin fraud after record crypto seizure, Yahoo.

• Chinese woman pleads guilty after massive seizure, CTV News.

• Woman admits money laundering after seizure of £5.5 billion of Bitcoin, Bromsgroveadvertiser.co.uk.

• Britain and China 'set to battle over BitQueen's fortune' after £5 billion cryptocurrency fraud seizure, Yahoo News Canada.