Mastermind Behind China’s Vast Ponzi Scheme Jailed in UK for Crypto Laundering

Qian Zhimin, the architect of a massive Ponzi scheme in China, was sentenced to over 11 years in a UK prison for laundering billions of dollars in cryptocurrency. The legal battle over the seized bitcoin worth billions continues, as British prosecutors consider a compensation scheme for defrauded victims.

Qian Zhimin, the mastermind of an expansive Ponzi scheme that swindled nearly 130,000 investors in China, received a sentence of more than 11 years in a British prison. On Tuesday, Qian was found guilty of laundering the fraudulent proceeds into cryptocurrency, currently valued at billions of dollars.

Qian wept during sentencing as Judge Sally-Ann Hales criticized her motives as purely greedy. Despite the criminal case concluding, a legal struggle looms over how to compensate the victims with the seized bitcoin assets, estimated at over $6 billion. Qian's defense argued that the surge in bitcoin's value far exceeds the required compensation.

Prosecutors detailed Qian's escape from China and her steps to convert illicit funds into assets across Europe. Her aide, Wen Jian, previously jailed for similar crimes, facilitated the cash conversions. The ongoing legal proceedings seek justice for those left devastated by Qian's calculated scheme.

(With inputs from agencies.)