tl;dr
A Chinese national pleaded guilty in the UK to orchestrating a $7 billion Bitcoin money laundering scheme, defrauding 128,000 victims and hiding illicit proceeds through property purchases before being caught in a historic cryptocurrency seizure.
**Chinese National Pleads Guilty in UK to Massive Bitcoin Money Laundering Scheme**
In a landmark case highlighting the growing challenges of cryptocurrency-related crime, Chinese national Zhimin Qian, also known as Yadi Zhang, pleaded guilty in a UK court to acquiring and possessing 61,000 Bitcoin—now valued at nearly $7 billion—as part of an international money laundering scheme. The conviction concludes a seven-year investigation by the Metropolitan Police’s Economic Crime Command, which described the case as one of the largest money laundering operations in UK history and among the highest-value cryptocurrency fraud cases globally.
Qian orchestrated a fraudulent investment scheme between 2014 and 2017, defrauding 128,000 individuals of their funds. The illicit proceeds were converted into Bitcoin, which she later attempted to launder by fleeing China in 2018 and entering the UK under false pretenses. According to the Metropolitan Police, she worked with a conspirator, Jian Wen, to conceal the assets through property purchases.
The Met seized the 61,000 Bitcoin between 2018 and 2021, marking the largest cryptocurrency seizure in history. Wen, who was previously convicted of money laundering, was ordered to pay over $3 million and received a six-year prison sentence. Civil proceedings to distribute the recovered funds are ongoing, though a UK-based legal partner has warned that Chinese investors may face significant hurdles in proving legitimate claims to the assets.
Will Lyne, head of the Met’s Economic and Cybercrime Command, praised the investigation, stating, “Today’s guilty plea marks the culmination of years of dedicated investigation… I am extremely proud of the team.” The case underscores the increasing use of cryptocurrencies by organized criminals to obscure illicit gains.
Robin Weyell, Deputy Chief Crown Prosecutor at the Crown Prosecution Service, emphasized the need for collaboration between law enforcement and prosecutors to combat crypto-facilitated crimes. “Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets,” she said.
Qian, who was remanded into custody, will face sentencing at a later date. The case serves as a stark reminder of the complexities of cross-border financial crime in the digital age, as authorities continue to adapt to the challenges posed by emerging technologies.