Zhimin Qian, 47, defrauded more than 128,000 people in China before attempting to launder the illegal cryptocurrency by purchasing property in Britain.
Authorities in the UK convicted the Chinese woman for playing a central role in a Bitcoin fraud after the world’s largest cryptocurrency seizure, valued at over 5.5 billion pounds (€6.3 billion).
Zhimin Qian, also known as Yadi Zhang, admitted guilt on Monday at London’s Southwark Crown Court for illegally acquiring and holding the cryptocurrency.
Investigators from the Metropolitan Police said her guilty plea followed a seven-year investigation into worldwide money laundering.
Between 2014 and 2017, Qian orchestrated extensive fraud in China by cheating more than 128,000 victims and storing the stolen wealth in Bitcoin, according to police.
She then used false documents to flee China and entered the UK, where she attempted to launder the funds by purchasing property in late 2018, the authorities confirmed.
The Metropolitan Police confirmed the seizure of 61,000 Bitcoins from Qian.
Will Lyne, head of the economic and cybercrime command at the Metropolitan Police, declared: “This case ranks among the largest money laundering operations in UK history and among the most valuable cryptocurrency cases worldwide.”
Convictions Tied to the Massive Case
Another Chinese woman, 43-year-old Jian Wen, faced conviction last year for participating in the Bitcoin fraud. Authorities sentenced Wen to six years and eight months in prison.
Judges will sentence Qian at a future date.
Prosecutors Warn of Criminal Crypto Use
Robin Weyell, deputy chief crown prosecutor for the Crown Prosecution Service, said: “Organised criminals increasingly use Bitcoin and other cryptocurrencies to hide and move assets, so fraudsters can enjoy the benefits of crime.”
She added: “The CPS will act to ensure, through criminal confiscation and civil procedures, that fraudsters cannot reclaim these assets.”
