Crypto Ponzi scheme ends with record Bitcoin seizure in London
London’s Metropolitan Police and a London court have capped a years‑long case now billed as the largest cryptocurrency seizure on record. In the dock is 47‑year‑old Chinese national Zhimin Qian (aka Yadi Zhang).
On day one of the trial, Qian pleaded guilty to possessing and transferring criminal property. Prosecutors say the tens of thousands of BTC were tied to a massive investment fraud in China roughly a decade ago.
Over the years of work, the London police seized more than 61,000 BTC. At today’s prices, the haul is valued at over £5 billion, making it the world's biggest cryptocurrency seizure.
According to investigators, between 2014 and 2017 Qian pitched an “investment program” to hundreds of thousands of people in China, promising outsized returns and dressing it up with talk of mining and “future tech.” The inflows were converted to Bitcoin and the money trail went dark. Qian allegedly left the country on forged documents and settled in the UK.
What came next was an effort to clean the money. Investigators say Qian tried to launder part of the stash through high‑end London real estate and luxury goods. Her associate and friend Jian Wen features in this part of the story: last year Wen was convicted for laundering criminal proceeds in a related case and, according to media reports, may have cooperated against Qian.
By 2018, police had a bead on the operation. A search of an upscale home in Hampstead turned up devices with access to crypto wallets. From there, it was meticulous cross‑border work (forensic analysis, legal requests to multiple jurisdictions, and asset freezes) to pin down the origin of the coins.
Qian was arrested in the UK in 2024. With the guilty plea entered, sentencing is ahead. For now, the bigger question is what happens to BTC. For victims, there’s fresh hope of recovery, especially given how much the asset has appreciated over ten years.
UK authorities, however, aren’t rushing to state whether the coins will be auctioned and proceeds distributed to victims.
Sentencing has yet to be scheduled. In parallel, Chinese authorities are preparing civil actions seeking to direct the seized BTC to victims. Expect further wrangling over who gets what after fees, exchange‑rate swings, and the usual international paperwork.
This case blends headlines‑grabbing sums with old‑school Ponzi scheme tactics retooled for the blockchain era. For regulators, it’s a proof point: even multibillion‑pound crypto hoards can be traced and seized with enough patience and expertise. For the market, it’s a reminder that slick “blockchain” pitches can hide very familiar frauds.
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