Zhimin Qian, 47, deceived more than 128,000 victims in China before attempting to launder the stolen cryptocurrency by buying UK property.
Authorities in Britain convicted the Chinese woman for directing a Bitcoin fraud after what investigators regard as the world’s largest cryptocurrency seizure, worth over 5.5 billion pounds (€6.3 billion).
Qian, also known as Yadi Zhang, admitted guilt at London’s Southwark Crown Court for acquiring and holding the cryptocurrency illegally.
Her admission followed a seven-year international investigation into money laundering, according to the Metropolitan Police.
International Fraud and Escape
Between 2014 and 2017, the 47-year-old orchestrated widespread fraud in China by cheating more than 128,000 people and securing the proceeds in Bitcoin, police reported.
She fled China using forged papers and entered the UK, where she attempted to launder the criminal proceeds through property purchases in late 2018, officials said.
The Metropolitan Police seized 61,000 Bitcoins from Qian.
“This represents one of the largest money laundering cases in UK history and one of the most significant cryptocurrency cases worldwide,” said Will Lyne, head of economic and cybercrime command at the Metropolitan Police.
Wider Criminal Network and Legal Action
Authorities also convicted another Chinese woman, Jian Wen, 43, last year for participating in the Bitcoin fraud.
Wen received a prison sentence of six years and eight months.
Judges will sentence Qian at a later date.
“Organised criminals increasingly use Bitcoin and other cryptocurrencies to conceal and transfer assets so that fraudsters can benefit from their crimes,” said Robin Weyell, deputy chief crown prosecutor for the Crown Prosecution Service.
“The CPS will now act to ensure, through confiscation and civil measures, that the fraudsters lose permanent access to their criminal assets,” she added.
