Zhimin Qian, also known as Yadi Zhang, has been sentenced to 11 years and eight months in prison for orchestrating a cryptocurrency scam that defrauded more than 100,000 individuals. The scam amounted to a £5.5 billion theft, resulting in the largest-ever Bitcoin seizure by police.
Following a significant investigation that resulted in the single largest confirmed cryptocurrency seizure globally, involving 128,000 victims, the woman, dubbed the “Goddess of Wealth,” was apprehended after evading authorities for five years. A collaborative seven-year effort by the Met Police to uncover international money laundering activities led to the arrest of Seng Hok Ling, who received a sentence of four years and 11 months for his involvement in the scheme.
During a raid at her residence in north London, authorities found over 61,000 Bitcoin in digital wallets. Qian pleaded guilty to money laundering charges at Southwark Crown Court. Speaking after the sentencing, Mayor of London, Sadiq Khan, emphasized the significance of combating cryptocurrency fraud to tackle money laundering and organized crime.
Security Minister Dan Jarvis reiterated the severity of money laundering crimes and praised the efforts of law enforcement in ensuring justice. Qian’s fraudulent activities spanned from 2014 to 2017 in China, affecting over 128,000 victims. She then fled to the UK under a false identity after converting a portion of the illicit funds into cash, jewelry, and Bitcoin.
Intelligence in 2018 led investigators to track down Qian’s criminal assets in London, culminating in the recovery of over 61,000 Bitcoin, valued at approximately £5 billion. Ongoing civil recovery proceedings are in place to address the seized Bitcoin assets.