Chinese national convicted in UK after world’s biggest bitcoin seizure

Zhimin Qian has been convicted of playing a crucial role in what is believed to be the single largest cryptocurrency confiscation in the world, worth more than £5bn ($6.7bn).

The 47-year-old pleaded guilty to illegally acquiring and possessing the cryptocurrency at Southwark Crown Court, London, on Monday.

She defrauded more than 128,000 victims and stored the embezzled funds in bitcoin assets between 2014 and 2017.

The Met said that she pleaded guilty following a seven-year probe into a money laundering web, from which a total of 61,000 bitcoins were seized.

Detective Sergeant Isabella Grotto, who led the Met’s investigation, declared that Qian had been evading justice for five years up to her arrest, which required a complex investigation.

Moreover, further details have been exposed, revealing that Qian had taken help from a Chinese takeaway worker Jian Wen, who was jailed for six years and eight months last year for her role in the criminal operation.

According to deputy chief Crown prosecutor, Robin Weyell, “Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets so that fraudsters may enjoy the benefits of their criminal conduct."

This case specifically illustrates the largest cryptocurrency seizure in the UK.

However, Monday’s conviction marks the culmination of a long-running investigation that has involved the police and the Chinese law enforcement teams.

The CPS is effectively working to ensure that fraudsters do not get hold of the stolen funds.

Several victims had money returned through a compensation scheme established in China last year.

Qian remains in custody prior to sentencing, and the date has yet to be fixed.