A Chinese woman, Zhimin Qian (also known as Yadi Zhang), has been sentenced in the UK after admitting her role in one of the world’s largest cryptocurrency fraud and laundering cases.
• The fraud: Between 2014 and 2017, she ran a massive investment scam in China that defrauded over 128,000 victims. The stolen funds were converted into 61,000 Bitcoins, worth about $6.7 billion today.
• Escape and laundering: Qian fled China using fake passports and moved to the UK, where she attempted to hide and launder the funds by purchasing luxury properties and goods.
• Investigation: After a 7-year international investigation, UK police seized the 61,000 Bitcoins — one of the largest cryptocurrency seizures in history.
• Court ruling: At Southwark Crown Court in London, she pleaded guilty to charges of money laundering and possession of criminal property. Her sentencing will decide how long she will serve in prison.
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