Cryptoqueen's Downfall: Ponzi Schemer Sentenced in UK

Zhimin Qian, a Chinese woman, was sentenced in the UK for defrauding 128,000 people in a Ponzi scheme involving Bitcoin. Dubbed 'cryptoqueen,' she led a lavish lifestyle and utilized a fake identity to evade authorities. Qian pled guilty to money laundering and now faces over 11 years in prison.

In a landmark case highlighting the dark side of cryptocurrency dealings, a UK court has sentenced Zhimin Qian, a Chinese national, to over 11 years in prison. Qian defrauded more than 128,000 individuals in a Bitcoin Ponzi scheme, amassing an illicit fortune worth billions.

British authorities uncovered Qian's extravagant lifestyle under a fake identity in Europe, where she lived in luxury and attempted to convert her illegal Bitcoin assets into tangible wealth by purchasing properties. Dubbed the 'cryptoqueen,' Qian's offenses spanned from money laundering to criminal property possession.

Qian pleaded guilty to multiple charges, resulting in a sentence handed down at Southwark Crown Court. Her accomplice, Seng Hok Ling, also faced justice, receiving nearly five years for his role in the criminal enterprise. Both sentences highlight the continuing global efforts to clamp down on cryptocurrency-related crimes.

(With inputs from agencies.)