Qian Zhimin Convicted in Record-Breaking Cryptocurrency Fraud and Money Laundering Case

A London court has handed down a substantial prison sentence in what British authorities are calling the most significant cryptocurrency asset seizure in UK history. Qian Zhimin, the woman at the center of this high-profile case, received an 11-year-and-8-month sentence for masterminding an investment fraud scheme that defrauded victims of approximately $5.6 billion (roughly 40 billion yuan).

The Scale of the Crime: Historic Bitcoin Confiscation

The investigation into Qian Zhimin’s operations uncovered a massive network of illicit financial activities involving cryptocurrency assets of unprecedented scale. Authorities confiscated 61,000 bitcoins linked to the scheme, which were valued at approximately $6.4 billion at the time of seizure. This haul represents the largest cryptocurrency asset confiscation ever recorded in British legal history, marking a significant milestone in international law enforcement’s ability to track and recover digital assets.

Money Laundering Through Luxury Acquisitions

Qian Zhimin employed sophisticated money laundering techniques to conceal the proceeds of her fraud operation. Using an intermediary, she purchased multiple luxury properties, expensive jewelry, and other high-value items—activities designed to obscure the illegal origins of the funds. Her wealth accumulation strategy extended beyond traditional assets; she harbored grand ambitions to establish her own sovereign entity called Liberland, for which she planned to liquidate portions of her bitcoin holdings.

International Manhunt and Apprehension

Evading Chinese authorities, Qian Zhimin embarked on an international flight to escape jurisdiction. She traveled through multiple countries using fraudulent travel documents, attempting to stay ahead of law enforcement. However, her movement patterns eventually led to her arrest in the United Kingdom, where she was taken into custody and subsequently prosecuted under British law.

Asset Recovery and Government Investigation

British government agencies have launched comprehensive investigations to determine the most appropriate methods for returning the seized cryptocurrency assets to the defrauded investors. The process involves complex legal and technical considerations, as authorities work to distribute the recovered digital assets fairly among victims of Qian Zhimin’s fraud scheme.