Qian Zhemin, a 47-year-old woman accused of orchestrating one of the largest cryptocurrency frauds in history, is set to be sentenced this week in the UK. The case, which involves billions of pounds in stolen funds from over 100,000 Chinese pensioners, has drawn international attention. Qian fled China in 2017 under a fake passport and settled in a luxurious mansion in Hampstead, London, where she lived a lavish lifestyle funded by her ill-gotten gains. Her company, Lantian Gerui, promised investors high returns from cryptocurrency mining and high-tech health products, but in reality, it was an elaborate Ponzi scheme. The Metropolitan Police raided her property in 2024, seizing tens of thousands of Bitcoin—the largest cryptocurrency haul in UK history. Qian’s assistant, Wen Jian, was sentenced to six years in prison for money laundering, while Qian herself pleaded guilty to illegally acquiring and possessing cryptocurrency. Investors, many of whom lost their life savings, are now hoping to reclaim at least a portion of their funds through a civil case. However, the process is fraught with challenges, as many victims did not directly transfer money to Qian’s company but to local promoters. The case has also raised questions about the fate of the seized cryptocurrency, which has multiplied in value since Qian’s arrest. Any unclaimed funds could default to the UK government, prompting speculation about a potential windfall for the Treasury. The emotional toll on victims has been immense, with some losing not only their financial security but also their families. Qian’s audacious plans, including aspirations to become the queen of Liberland, a microstate on the Croatian-Serbian border, have added a surreal dimension to the case. As the sentencing hearing unfolds, the victims’ hopes for justice remain intertwined with the complexities of international law and cryptocurrency regulation.
Cryptoqueen who fled China for London mansion to be sentenced over £5bn Bitcoin stash
