A Chinese national has been convicted in what authorities are calling the world’s largest-ever cryptocurrency seizure. The Metropolitan Police confirmed that 61,000 bitcoin, worth more than £5 billion ($6.7 billion), were recovered during an international fraud investigation that spanned several years.
Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court to illegally acquiring and possessing the cryptocurrency. According to investigators, Qian orchestrated a sophisticated scam in China between 2014 and 2017, defrauding more than 128,000 victims. She then laundered the illicit proceeds by converting them into bitcoin and storing the assets in digital wallets.
The Metropolitan Police said the scale of the operation and recovery highlights both the challenges and opportunities of law enforcement in the digital financial era. While cryptocurrencies provide new avenues for global fraud, this case demonstrates that cross-border cooperation and advanced investigative tools can successfully track and secure stolen assets.
“This is believed to be the single largest seizure of cryptocurrency in the world to date,” the Met said in a statement. Legal experts note the conviction sets a major precedent for dealing with digital asset-related crimes, especially as cryptocurrency adoption continues to grow.
The case also underscores how scams can inflict devastating harm on unsuspecting victims. Many of those defrauded in China were persuaded to invest in fraudulent schemes with promises of high returns, only to see their savings vanish. For victims, the recovery of stolen funds provides some hope for eventual restitution, though the legal process remains complex.
Qian’s conviction marks a milestone in the global fight against cybercrime and highlights the evolving role of cryptocurrency in large-scale financial fraud.
Chinese Fraudster Convicted in Record Bitcoin Seizure
