World’s Largest Crypto Bust: Chinese National Guilty in $6.7bn Bitcoin Fraud

A Chinese national has been convicted in the UK for her central role in a massive investment fraud, leading to what the Metropolitan Police have confirmed as the world’s largest single cryptocurrency seizure.

Qian Zhimin, 47, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court to illegally acquiring and possessing criminal property, specifically 61,000 Bitcoin now valued at more than £5 billion ($6.7 billion). The conviction is the culmination of a seven-year international probe into a complex money-laundering operation.

The Massive Fraud
Between 2014 and 2017, Qian orchestrated a large-scale fraud in China through her company, Tianjin Lantian Gerui Electronic Technology. The scheme promised victims, many of them older individuals, outrageously high returns—sometimes up to 300 percent—on investment products. Instead of legitimate investments, Qian’s company was simply funneling the funds from over 128,000 victims into Bitcoin.

After the fraud, Qian fled China using false documents and came to the UK, where she attempted to launder the proceeds by purchasing property. The Met’s investigation was launched in 2018 following a tip-off about suspicious asset transfers. Police made a major breakthrough when they raided a Hampstead mansion in North London, seizing devices that contained the massive stash of Bitcoin.

Accomplices and Ongoing Proceedings
Qian’s arrest in April 2024—after evading justice for five years—was a major victory for law enforcement. Detective Sergeant Isabella Grotto, who led the investigation, highlighted the “extensive cooperation with international partners” required to track the fugitive across multiple jurisdictions.

Another suspect, Malaysian national Seng Hok Ling, also pleaded guilty to money laundering on Qian’s behalf. Confiscation proceedings are underway to retrieve over £16.2 million from Ling.

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The case is also linked to former London takeaway worker Jian Wen, who was jailed in May 2024 for six years and eight months for helping Qian launder part of the criminal proceeds. Wen had transitioned from living above a restaurant to a multi-million-pound rented home and was ordered to pay back more than £3 million.

Victims and the Fate of the Seized Funds
The successful prosecution sends a “clear signal” that Britain is not a haven for money launderers, according to UK Security Minister Dan Jarvis.

Qian’s solicitor stated that the guilty plea is an attempt to bring “some comfort to investors” and that the significant rise in Bitcoin’s value means there are “more than sufficient funds available to repay their losses.”

However, the question of who ultimately receives the seized funds remains complex. While a compensation scheme has been established in China, the UK authorities are currently considering whether to retain the assets, which is allowed under recent legislative reforms designed to ease the recovery of digital assets from criminals. Victims will need to apply to the High Court to assert their interest in the Bitcoin under the Proceeds of Crime Act.

Qian remains in custody and is scheduled to be sentenced alongside Seng Hok Ling on November 10.