A Chinese national has been convicted in the United Kingdom after a long investigation into what police say is the world’s largest cryptocurrency seizure. The Metropolitan Police announced that officers recovered 61,000 bitcoin, worth more than £5 billion at today’s prices. The case centered on Zhimin Qian, also known as Yadi Zhang, who pleaded guilty at Southwark Crown Court to illegally acquiring and holding the cryptocurrency. Prosecutors said the fraud reached across borders, with police and law enforcement in China and the UK working together for years.
Qian ran a large-scale scam in China between 2014 and 2017, cheating more than 128,000 victims out of their savings. She stored the stolen money in bitcoin, making it harder to trace. Reports from Chinese media said that victims included business owners, bank staff, and members of the judiciary. Many were encouraged to invest by family and friends. Some investors lost hundreds of thousands of yuan, while others handed over millions. The media described Qian as the “goddess of wealth” because of her image as a successful investor.
Detective Sergeant Isabella Grotto of the Metropolitan Police led the investigation. She said Qian had been “evading justice” for five years before her arrest. Using false documents, Qian fled China and entered the UK, where she tried to launder the stolen funds. Investigators said she attempted to buy property in London in order to disguise the source of the money. Officers uncovered a network of money laundering that reached across several countries.
A second defendant, Malaysian national Seng Hok Ling, also admitted guilt. Ling, who lived in Derbyshire, appeared in court and pleaded guilty to entering into a money laundering arrangement. Prosecutors said he dealt in cryptocurrency on Qian’s behalf, knowing it involved criminal property. The court began confiscation proceedings to recover more than £16 million from him, with the final amount to be set when he is sentenced in November.
Qian’s solicitor, Roger Sahota of Berkeley Square Solicitors, said she wanted her guilty plea to reassure investors. He noted that the rise in cryptocurrency values since 2017 means there should be enough funds to repay victims. The Metropolitan Police said the guilty pleas marked the end of a seven-year investigation that began with a tipoff about the transfer of illegal assets.
The Crown Prosecution Service highlighted the role of Jian Wen, a former takeaway worker who helped Qian launder money. Wen was convicted last year and sentenced to six years and eight months in prison. She moved from living above a restaurant to a rented home worth several million pounds in north London. The CPS said she also bought two properties in Dubai worth more than £500,000. Police seized more than £300 million worth of bitcoin linked to her. Images released by the CPS showed the luxury house she moved into in 2017.
The case reflects the scale of modern cybercrime and how criminals use cryptocurrency to hide stolen funds. Deputy chief Crown prosecutor Robin Weyell said bitcoin and other cryptocurrencies are often used by organized crime to disguise assets. UK Security Minister Dan Jarvis called the convictions a clear message that Britain is not a safe haven for criminals. He said money laundering weakens the economy and fuels serious organized crime.
The UK government has passed reforms in recent years to make it easier for authorities to seize and recover crypto assets. These reforms also allow some victims to apply for the release of assets stored in accounts. The Conservative government pushed these changes through Parliament in response to concerns that criminals were moving billions through digital currencies.
The case also highlights the international effort needed to combat fraud on such a large scale. Will Lyne, head of the Met’s Economic and Cybercrime Command, said the investigation was the result of years of dedicated work with support from Chinese law enforcement. Police in both countries exchanged evidence and tracked the flow of funds across borders.
The court heard that Qian had lived in the UK under a false identity and tried to build a new life using stolen money. She purchased luxury goods and sought to establish herself as a wealthy investor. Investigators traced her activities and linked them to the original fraud in China. She is being held in custody ahead of her sentencing, scheduled for November 10, when she will appear in court alongside Ling for a two-day hearing.
Victims in China, many of them older investors between 50 and 75, have been waiting since 2017 for the chance of repayment. For many, the money represented life savings. Police said that the value of bitcoin today compared to 2017 means victims may recover more than they lost, although the legal process to release the funds will take time.
The Metropolitan Police called the seizure of 61,000 bitcoin a record figure and a turning point in tackling digital crime. While authorities did not confirm the UK government’s plans, reports suggest officials may try to retain some of the seized funds. The scale of the recovery shows how cryptocurrencies can both empower criminals and create opportunities for justice when assets are recovered.
This case serves as a stark warning about the risks of fraud in digital currencies. It shows how scammers build trust with victims, create elaborate networks to hide stolen money, and use international borders to escape justice. At the same time, it shows how coordinated investigations can catch up with them, even years later. The world’s largest cryptocurrency seizure has now become a legal landmark, proving that digital crime leaves a trail, and that trail can lead straight back to those who thought they could not be found.
