A Chinese national at the center of one of the world’s biggest cryptocurrency frauds has been convicted in London, marking a major breakthrough in the global fight against digital asset crime.
Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court to charges of fraud and money laundering, admitting her role in a massive scheme that defrauded over 128,000 investors and led to the seizure of more than £5 billion ($6.7 billion) in bitcoin — the largest cryptocurrency recovery in UK history.
Between 2014 and 2017, Qian operated a high-yield investment scam in China, enticing tens of thousands of victims — many aged between 50 and 75 — with false promises of guaranteed returns and daily dividends during the early boom of cryptocurrency trading. Investors were often persuaded to join through friends and family referrals, funneling hundreds of thousands to tens of millions of yuan into the fraudulent scheme.
Fleeing Chinese authorities using false documents, Qian entered the UK and attempted to launder the illicit funds through high-value property purchases, including acquisitions in London and Dubai.
“She had been evading justice for five years,” said Detective Sergeant Isabella Grotto of the Metropolitan Police, who led the investigation. “Her arrest required a complex, multi-jurisdictional effort involving cooperation with international law enforcement.”
In 2018, the Met launched an investigation after receiving intelligence about suspicious cryptocurrency transfers. Their efforts culminated in the seizure of 61,000 bitcoins from Qian — a recovery hailed as the largest crypto seizure in British legal history.
Deputy Chief Crown Prosecutor Robin Weyell emphasized the broader implications: “Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets. This case shows the immense scale of profits criminals can generate and the necessity of global cooperation.”
Qian’s lawyer, Roger Sahota, said she hopes her guilty plea will offer “comfort to the many victims who have waited since 2017 for justice and compensation,” adding that the rise in bitcoin’s value since the scam means there are sufficient assets to repay losses.
The investigation also implicated Jian Wen, a 44-year-old former takeaway worker turned money launderer for Qian. Wen was sentenced in 2024 to six years and eight months in prison, after evidence showed she had gone from modest living to owning a luxury North London home and two Dubai properties worth over £500,000, funded by illegal crypto transfers. Police said they seized over £300 million worth of bitcoin from Wen alone.
The Crown Prosecution Service (CPS) continues to collaborate with Chinese authorities to trace further assets and ensure victims are repaid. A compensation scheme is already in place in China, with some investors having received partial returns.
Qian, 47, remains in custody pending sentencing, with a court date yet to be set. The investigation, meanwhile, is ongoing, with officials warning of the growing use of cryptocurrencies in sophisticated international financial crimes.
