A Chinese national, Qian Zhimin, has been convicted in one of the world’s largest cryptocurrency frauds, following what UK police described as the biggest crypto seizure ever recorded.
The Metropolitan Police recovered 61,000 bitcoin worth more than £5 billion ($6.7 billion), making the case a global landmark in crypto-related crime investigations.
Qian, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court to illegally acquiring and possessing cryptocurrency linked to an investment scam that defrauded over 128,000 victims in China between 2014 and 2017.
Her conviction comes after a seven-year international probe into a vast money-laundering network.
Investigators revealed that Qian used false identities while evading justice for five years before being arrested in the UK.
Detective Sergeant Isabella Grotto, who led the investigation, said the case involved “extensive cooperation with international partners” to trace the suspect’s financial trail.
Qian attempted to launder stolen funds by buying luxury properties in Britain.
Her lawyer, Roger Sahota of Berkeley Square Solicitors, said she pleaded guilty to “bring comfort to investors who have waited since 2017 for compensation,” adding that there were sufficient funds to repay their losses.
Another suspect, Seng Hok Ling, a Malaysian national, also pleaded guilty to laundering funds on Qian’s behalf.
UK prosecutors have launched confiscation proceedings worth £16.2 million, subject to bitcoin price adjustments before sentencing in November.
The Met described the conviction as a turning point in fighting digital financial crime.
Deputy Chief Crown Prosecutor Robin Weyell said the case highlights “the scale of criminal proceeds available to fraudsters” and how cryptocurrencies are increasingly used by organized crime groups.
Qian was previously linked to Jian Wen, a former London takeaway worker jailed in 2024 for helping launder part of the funds.
Police seized more than £300 million in bitcoin from Wen, who had transformed her lifestyle dramatically with luxury homes and overseas property purchases.
The case adds to a series of major crypto crimes shaking global finance, including the Bybit hack that saw North Korea’s Lazarus Group steal $1.5 billion in Ethereum in 2025, and the notorious OneCoin scam, which defrauded investors of $4.4 billion.
UK Security Minister Dan Jarvis welcomed the conviction, saying it sends a “clear signal that Britain will not tolerate money laundering.”
Qian remains in custody and will be sentenced on November 10 alongside Seng Hok Ling.
Prosecutors call the case “the single largest cryptocurrency seizure in the world.”
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