LONDON — In one of the most significant cases in global financial crime history, Chinese national Zhimin Qian, also known as Yadi Zhang, has been convicted in London for money laundering following a massive multibillion-dollar fraud scheme.
Authorities have confirmed the confiscation of 61,000 bitcoins — worth over £5.5 billion ($7.3 billion) — marking the largest cryptocurrency seizure ever recorded by law enforcement worldwide.
The Rise and Fall of the “Bitcoin Queen”
Between 2014 and 2017, Qian operated a vast investment scheme in China, promising investors extraordinary profits — sometimes up to 300% returns. Her company attracted over 128,000 people, collecting nearly 40 billion yuan in total.
Promoting Bitcoin as “digital gold,” Qian cultivated a public image as a visionary crypto entrepreneur. Her charisma and apparent financial expertise earned her the nickname “the Bitcoin Queen.” But when the pyramid collapsed, she reportedly converted the proceeds into cryptocurrency and fled to the United Kingdom.
Record-Breaking Seizure
British police began investigating in 2018 after receiving intelligence about suspicious assets linked to Qian. A raid on properties in London led to the discovery of digital wallets containing 61,000 bitcoins.
At the time of the seizure, the cryptocurrency was valued at several hundred million pounds. However, as Bitcoin prices surged, the seized assets ballooned to more than £5.5 billion, making it the largest financial confiscation in British history.
The Money Laundering Network
After arriving in the UK, Qian allegedly laundered funds through luxury real estate and high-value goods purchases. Her associate, Jian Wen, was previously sentenced to six years and eight months in prison for assisting in the scheme. Another accomplice, Seng Hok Ling, also pleaded guilty to related charges.
Qian herself was arrested in 2018, and after years of investigation, she admitted guilt at Southwark Crown Court in September 2025.
International Cooperation
The case was the result of extensive collaboration between British and Chinese authorities. Police from both countries shared data, tracked crypto transactions across multiple jurisdictions, and reconstructed the complex trail of digital assets.
Investigators called it one of the largest anti–money laundering operations in UK history, showcasing how international partnerships can tackle global financial crimes.
Crypto Fraud and Investor Caution
This case highlights a growing challenge for law enforcement: the use of cryptocurrencies in large-scale fraud and money laundering. While blockchain technology promises transparency, its pseudonymous and borderless nature makes it appealing to criminals.
The “Bitcoin Queen” scandal underscores a key lesson for investors: any promise of guaranteed, high returns — especially in crypto — should be treated with skepticism. Legitimate investments rarely offer returns of 100–300%.
Even as governments become more skilled at tracing and seizing digital assets, victims of such schemes often recover little or nothing. Prevention and vigilance remain the strongest defense.
China’s Changing Crypto Policy
The fraud occurred during a period when cryptocurrency trading in China was largely unregulated. Since then, Beijing has imposed strict bans on crypto mining and trading, while developing its own state-backed digital yuan.
This dramatic shift reflects how quickly global attitudes toward cryptocurrency have evolved — from early enthusiasm to cautious regulation and control.
A Turning Point for Cryptocurrency Enforcement
Despite such scandals, global adoption of digital currencies continues to grow. Financial institutions are integrating crypto services, and several countries are exploring central bank–issued digital assets.
The conviction of Zhimin Qian marks a pivotal moment — demonstrating both the enormous potential and serious risks of the crypto economy. It sends a clear message: even in the decentralized world of digital finance, the law still applies.
