Key Takeaways:
- A Chinese national has been convicted in the UK for a cryptocurrency fraud scheme that defrauded 128,000 victims of over 61,000 Bitcoins (BTC).
- This case marks one of the UK's largest money laundering cases and a significant global crypto seizure, highlighting strong international law enforcement cooperation.
Global Investigation Leads to UK's Largest Seizure
A Chinese national has been convicted in the United Kingdom (UK) for her central role in a sophisticated cryptocurrency fraud scheme that defrauded approximately 128,000 victims of more than 61,000 Bitcoins (BTC). Zhimin Qian, 47, who was charged under the Proceeds of Crime Act, pleaded guilty to two counts related to the acquisition and possession of criminal cryptocurrency.
According to officials from the Metropolitan Police, the successful conviction of Zhimin Qian, who also went by the alias Yadi Zhang, was the culmination of a "meticulous" investigation and "unprecedented cooperation with Chinese law enforcement." The extensive inquiry uncovered compelling evidence of the criminal origin of the crypto assets that Qian attempted to launder within the UK.
Commenting on the long-running and complex case, Will Lyne, Head of the Met's Economic and Cybercrime Command, stated:
"Today’s guilty plea marks the culmination of several years of dedicated investigation by the Met’s Economic Crime teams and our partners. This is one of the biggest money laundering cases in UK history and amongst the most significant cryptocurrency cases globally. I am extremely proud of the team."
Earlier in 2024, UK law enforcement revealed during the trial of Qian's assistant, Jian Wen, that officers had seized four devices containing 61,000 BTC, now valued at nearly $7 billion, from a safety deposit box and a shared residence of the two Chinese women. During the trial, Wen was accused of aiding Qian in converting the BTC into cash, jewelry, and real estate. Wen was subsequently found guilty and sentenced to nearly seven years in prison for her role in laundering the BTC on Qian's behalf.
Meanwhile, Robin Weyell, Principal Crown Prosecutor for the Crown Prosecution Service (CPS), lauded the conviction as a testament to the rigor of both the investigation and the prosecution. He added:
"The CPS will now work to ensure, through criminal confiscation and civil proceedings, that the criminal assets remain out of the hands of fraudsters."
A statement released by the Metropolitan Police affirmed that this historic conviction underscores the innovative work undertaken by its officers and staff, who are increasingly utilizing advanced technologies to combat organized crime and other serious criminal activities linked to the digital asset space.
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