In a landmark case, Zhimin Qian, also known as Yadi Zhang, has been convicted for her pivotal role in what is now recognized as the largest cryptocurrency seizure globally, valued at over £5.5 billion ($7.4 billion). Qian, a 47-year-old Chinese national, pleaded guilty on Monday at Southwark Crown Court in London to charges of illegally acquiring and possessing cryptocurrency. The Metropolitan Police revealed that between 2014 and 2017, Qian orchestrated a massive scam in China, defrauding more than 128,000 victims and converting the stolen funds into Bitcoin assets. Her arrest followed a seven-year international investigation into a complex money laundering network. Detective Sergeant Isabella Grotto, who led the investigation, noted that Qian had been evading justice for five years before her capture, which required coordinated efforts across multiple jurisdictions. Qian fled China using falsified documents and entered the UK, where she attempted to launder the stolen money through property purchases. She was aided by Jian Wen, another Chinese national, who was sentenced to six years and eight months in prison last year for her involvement. Robin Weyell, deputy chief Crown prosecutor, emphasized the growing use of cryptocurrencies by organized criminals to conceal and transfer illicit assets. The Crown Prosecution Service (CPS) is actively working to prevent the fraudsters from accessing the stolen funds. Many victims have already received partial compensation through a scheme established in China. Qian remains in custody awaiting sentencing, with the date yet to be determined. This case underscores the increasing challenges posed by cybercrime and the critical need for international cooperation in combating such sophisticated financial frauds.
