A Chinese woman at the center of one of the world’s biggest cryptocurrency scandals has admitted to laundering billions of dollars through Bitcoin in the United Kingdom.
Zhimin Qian, also known as Yadi Zhang, pleaded guilty in a London court to acquiring and holding criminal property linked to a massive fraud scheme. Authorities confirmed that 61,000 Bitcoin, worth nearly $7 billion, had been seized—marking the largest cryptocurrency confiscation in UK history.
The guilty plea comes after a painstaking seven-year investigation led by the Metropolitan Police into an international web of fraud and money laundering. Investigators say Qian defrauded 128,000 investors between 2014 and 2017, funneling their stolen money into Bitcoin before fleeing China in 2018 using false documents.
Once in the UK, Qian attempted to legitimize the fortune through high-value property deals, aided by accomplice Jian Wen. Wen was convicted of money laundering last year, handed a six-year prison sentence, and ordered to repay more than $3 million.
Police officials described the case as a watershed moment in the global fight against crypto crime.
“Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners,” said Will Lyne, head of the Met’s economic and cybercrime command. “This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally.”
The Crown Prosecution Service (CPS) warned the case highlights how digital currencies are increasingly exploited by organized criminals.
“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets,” said Deputy Chief Crown Prosecutor Robin Weyell. “The CPS is committed to working closely with law enforcement to bring to justice individuals and companies who engage in laundering criminal proceeds of a cryptocurrency fraud.”
While Qian awaits sentencing, civil proceedings over the seized Bitcoin remain ongoing. Legal experts caution that Chinese investors may face steep hurdles proving ownership claims to the frozen assets.
Qian has been remanded into custody and will be sentenced at a later date.
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