Chinese Woman Pleads Guilty in "World’s Largest" Crypto Scam

A 47-year-old Chinese national has pleaded guilty in Britain to a multi-billion-dollar Bitcoin fraud, in what police say is possibly the “world’s largest” cryptocurrency seizure, worth more than $7.3 billion, Darryl Coote reported for United Press International (UPI).

Investigators said Qian—also known as Yadi Zhang—defrauded more than 128,000 victims in China between 2014 and 2017, storing the illicit proceeds in Bitcoin. (Photo: Metropolitan Police)

Metropolitan Police said Zhimin Qian, of no fixed address, admitted Monday to charges of acquiring and possessing criminal property, both offenses tied to cryptocurrency holdings.

Investigators said Qian—also known as Yadi Zhang—defrauded more than 128,000 victims in China between 2014 and 2017, storing the illicit proceeds in Bitcoin.

She fled to Britain in 2018 using false documents and attempted to launder the funds through real estate purchases.

Her guilty plea follows a seven-year investigation by the Metropolitan Police. “This is one of the largest money laundering cases in U.K. history and among the highest-value cryptocurrency cases globally,” said Will Lyne, head of the Economic and Cybercrime Command.

Authorities said Qian worked with Jian Wen, who was sentenced in January to more than 6 ½ years in prison for her role in the scheme.