A woman responsible for the largest cryptocurrency scam ever, defrauding over 100,000 individuals, has been sentenced to jail.
Known as Zhimin Qian or Yadi Zhang, she received an 11-year and eight-month prison term for orchestrating a £5.5 billion theft, resulting in the biggest Bitcoin seizure by the police.
Following an extensive seven-year inquiry by the Met Police into global money laundering, she was apprehended in York last April after being on the run for five years. This investigation culminated in 128,000 victims being affected.
Her associate, Seng Hok Ling, also received a sentence of four years and 11 months for his involvement in the scheme.
During a raid on her six-bedroom residence near Hampstead Heath in north London, law enforcement discovered over 61,000 Bitcoins in digital wallets. Qian confessed to money laundering charges at Southwark Crown Court.
In response to the sentencing, Sadiq Khan emphasized the significance of combating cryptocurrency fraud, which aids money laundering and supports criminal organizations. Security Minister Dan Jarvis echoed this sentiment, highlighting the risks posed by money laundering and the government’s commitment to recovering stolen assets.
Between 2014 and 2017, Qian conducted a large-scale fraud in China, defrauding more than 128,000 victims. She then converted a portion of the illicitly acquired funds into cash, jewelry, and Bitcoin before fleeing to the UK under a false identity.
Authorities noted that the investigation leading to the recovery of over 61,000 Bitcoins from Qian was initiated in 2018 after intelligence suggested attempts to liquidate criminal assets in London. The ongoing civil recovery proceedings aim to reclaim the approximately £5 billion value of the seized Bitcoins.