A 45-year-old Chinese national, Zhimin Qian, has pleaded guilty in a London court for orchestrating one of the largest cryptocurrency fraud cases in history. Between 2014 and 2017, she defrauded more than 128,000 victims in China, stealing billions of dollars through a massive investment scam.
Largest Bitcoin Seizure in the UK
In 2018, British police confiscated 61,000 bitcoins from Qian’s residence, valued at over £5 billion at the time. The Metropolitan Police described it as the biggest cryptocurrency recovery ever recorded in the United Kingdom.
Court Proceedings and Victim Compensation
Appearing at Southwark Crown Court, Qian admitted to illegally holding the digital currency between 2017 and 2024. Her lawyer, Roger Sahota, stated she intends to use the seized bitcoins to repay thousands of victims who lost their savings.
Co-Conspirator Faces Charges
Authorities also revealed that Seng Hok Ling, a 47-year-old Malaysian, confessed to laundering Qian’s illicit funds. Prosecutors are seeking to recover £16.2 million from him, with sentencing scheduled for November 10, 2025.
International Investigation
The case was the result of a seven-year global investigation led by Detective Sergeant Isabella Grotto in collaboration with law enforcement agencies worldwide. Officials said Qian lived in the UK under multiple fake identities until her arrest.
Crypto and Financial Crime
Prosecutor Robin Weyell explained that cryptocurrencies continue to be a tool for hiding illicit funds. He noted other recent high-profile cases, including a $225 million asset seizure in the U.S. and a $40 billion fraud conviction in South Korea earlier in 2025.
Why This Matters
This conviction underscores the growing challenge of regulating digital currencies while also proving that law enforcement can track and recover stolen crypto assets across borders.
Next Steps
Both Qian and Ling will face sentencing in November 2025. The UK government has also announced plans to introduce tougher laws on digital asset seizures to curb the rise of crypto-related financial crimes.
