UK's Largest Bitcoin Scam: Zhimin Qian's Downfall of Billion-Dollar Fraud

A UK court sentenced Chinese national Zhimin Qian to over 11 years in prison for her role in the country's largest Bitcoin scam. Qian led a fraud that affected over 128,000 victims in China. The case highlights cryptocurrency's use in organized crime and significant efforts to trace and seize assets.

A 47-year-old Chinese woman, Zhimin Qian, has been sentenced to 11 years and eight months in a UK prison, leading the largest Bitcoin scam the country has ever seen. The ruling was made by a UK court on Tuesday, following Qian's guilty plea to charges of possessing illegally obtained cryptocurrency and laundering over 60,000 Bitcoins seized by the Metropolitan Police in their exhaustive investigation.

The court revealed that Qian's operation between 2014 and 2017 resulted in a massive investment fraud impacting over 128,000 Chinese victims and leading to losses of approximately 600 million pounds. Qian, who fled to the UK, faced challenges in converting Bitcoin to cash, recruiting Seng Hok Ling to transfer funds on her behalf. Ling received a sentence of four years and 11 months for his role in the money laundering.

The Metropolitan Police's surveillance eventually led to Qian's arrest in York, and assets including encrypted devices, cash, and additional cryptocurrency were seized. The prosecution emphasized the growing use of cryptocurrencies in organized crime and the importance of international cooperation in tracing and confiscating assets to prevent further victimization.

(With inputs from agencies.)