In today's world, where cryptocurrency is increasingly integrated into the global financial system, its anonymity and cross-border circulation facilitate innovation while also becoming a breeding ground for criminals to launder money and engage in illegal fundraising. On November 11, 2025, a court in London, UK, delivered a significant verdict against Chinese citizen Zhimin Qian (also known as Yadi Zhang): she was sentenced to 11 years and 8 months in prison for orchestrating an investment fraud scheme amounting to approximately 40 billion yuan (5.6 billion USD) and laundering money to purchase 61,000 bitcoins. This case is not only the largest seizure of crypto assets in British history, with the involved bitcoins valued at around 6.4 billion USD, but it also serves as a mirror reflecting the complexity of global cryptocurrency crime networks and the challenges in combating them.
- The Evil Behind Huge Wealth: Zhimin Qian's Ponzi Scheme and Cross-Border Bitcoin Money Laundering
Zhimin Qian has been described by prosecutors as a "super villain," with the scale of her scheme and the number of victims being shocking.
High-Value Fraud Case: Between 2014 and 2017, Zhimin Qian manipulated a large-scale investment fraud in China, illegally raising up to 40 billion yuan (approximately 5.6 billion USD) from around 128,000 investors.
Bitcoin Money Laundering Pathway: As Chinese authorities tightened regulations on cryptocurrencies, Zhimin Qian fled China in July 2017. She quickly converted her massive illegal gains into bitcoins and, utilizing their anonymity and cross-border convenience, traveled through multiple countries, eventually settling in the UK under the alias Yadi Zhang, attempting to hide her assets and evade investigation through cryptocurrency.
Accomplice Assistance: In the UK, Zhimin Qian hired a British-Chinese woman, Seng Hok Ling (also known as Jian Wen), as her "white glove" to assist in a series of money laundering operations, including exchanging bitcoins, purchasing luxury homes, jewelry, and other luxury goods. Seng Hok Ling was sentenced to 6 years and 8 months in prison in 2023, while another assistant of Zhimin Qian was also sentenced to 4 years and 11 months for handling the proceeds of crime.
- International Manhunt and Capture: The Collapse of a Lavish Lifestyle and the "Liberland" Dream
Zhimin Qian escaped to the Myanmar border on a motorcycle, evading arrest in China, and then traveled through Southeast Asia and Europe with a fake passport, ultimately settling in the UK under the alias Yadi Zhang. She lived an extremely lavish lifestyle in the UK, even devising an absurd "nation-building" plan.
Luxurious Lifestyle: Zhimin Qian rented expensive mansions in the UK, purchased jewelry and real estate, and squandered tens of thousands of pounds on luxury goods, attempting to launder her illicit funds through these actions.
The Monarch Dream of "Liberland": Prosecutors stated that she conspired to become the self-proclaimed monarch of a "Liberland" nation and planned to sell bitcoins to fund this ambition. Liberland is a no-man's land located on the west bank of the Danube River, wedged between Croatia and Serbia.
Capture Process: The UK police intervened in a money laundering investigation after receiving a tip-off from a London law firm about someone attempting to use suspicious bitcoins to purchase property. In February 2024, while monitoring a cryptocurrency wallet, police transferred 8.2 bitcoins into the wallet, leading to Zhimin Qian's arrest in a mansion in York. Police discovered multiple electronic devices and wallets scattered throughout the house, containing crypto assets worth over 60 million pounds, approximately 48,000 pounds in cash, and jewelry.
Refusal to Cooperate: Prosecutors stated that Zhimin Qian refused to answer most of the police's questions after her arrest but expressed, "She felt she was about to die, and this was her last chance."
- Judicial Trial and Verdict: The Warning Sign of an 11-Year and 8-Month Sentence
Zhimin Qian was sentenced at Southwark Crown Court after admitting to charges of possessing and handling the proceeds of crime in August.
Severe Sentencing: Judge Sally-Ann Hales pointed out during sentencing, "Zhimin Qian, you are the mastermind of this criminal activity, orchestrating it from start to finish. The scale of your money laundering is unprecedented. Your motivation is purely greed."
Conviction: Zhimin Qian admitted to charges of possessing and handling the proceeds of crime, involving the illegal acquisition and possession of cryptocurrency.
Verdict Result: The London court sentenced Zhimin Qian to 11 years and 8 months in prison.
This verdict marks the most complex economic crime case investigated by the London Metropolitan Police and represents the largest seizure of cryptocurrency by the UK police to date. Will Ryan, head of the Economic and Cyber Crime Unit of the London Metropolitan Police, emphasized, "Organized crime groups are using cryptocurrency to transfer, hide, and invest the profits of serious crimes—but every cryptocurrency transaction leaves a trace."
- Asset Recovery and Loss Mitigation: The Ownership of 6.4 Billion USD in Bitcoins and Victims' Hopes
Zhimin Qian's guilty plea and sentencing have set a new milestone in the global fight against cryptocurrency crime and the recovery of illegal gains.
UK Government Efforts: UK government agencies are planning to return the seized 61,000 bitcoins to the defrauded investors—though specific details of the plan have yet to be announced. This batch of bitcoins is currently valued at approximately 6.4 billion USD.
Prosecutors' Commitment: Robin Weir, Deputy Chief Prosecutor of the Crown Prosecution Service, stated that this case highlights the enormous scale of criminal proceeds, and they will work to ensure that the fraudsters cannot access the stolen funds.
Sino-British Cooperation: The London Metropolitan Police stated that this conviction marks the result of "years of focused investigation" by the police and Chinese law enforcement teams.
Conclusion:
Zhimin Qian was sentenced to 11 years and 8 months in prison for orchestrating a multi-billion dollar investment fraud and laundering money through bitcoin, ringing alarm bells in the global cryptocurrency field. This case not only reveals the risks of cryptocurrency being abused in criminal activities but also highlights the determination and capability of the international community in combating cross-border digital asset crimes. For the 128,000 victims worldwide, Zhimin Qian's sentencing brings hope for asset recovery, but how to smoothly return the seized massive bitcoins to the victims remains a pressing challenge for the judicial system.
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Original Article: “Chinese 'Super Villain' Zhimin Qian Sentenced to 11 Years and 8 Months in London, the Largest Crypto Money Laundering Case Shocks the Globe”
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