Zhimin Qian, a Chinese national and U.S. permanent resident under the name of Yadi Zhang. She led the effort in what is now considered the world’s largest cryptocurrency seizure. Her London-based Southwark Crown Court found her guilty. She was unauthorized to obtain and fraudulently obtained and possessed cryptocurrency worth more than £5.5 billion ($7.4 billion). In short, Qian pushed through the lightning-fast conditions needed to create a massive fraud. This operation scammed over 128,000 Chinese victims between 2014 and 2017.
Instead, Qian committed money laundering by keeping the value of his stolen money in bitcoin. He committed to launder the proceeds of his corruption by investing in the United Kingdom’s real estate market. Authorities allege that she escaped China on fraudulent papers. Once in the UK, she doubled down on her financial crimes.
This judge’s ruling is a major victory in the battle against all cryptocurrency-related crime. Qian served 6 years, 8 months in federal prison for her part in the scheme. She is currently in custody as she awaits her sentencing. Her case illustrates the increasing trend of organized crime using cryptocurrencies to hide and move illegal assets.
Will Lyne, an investigator who worked on Qian’s case, wants to underscore the years of work that eventually cleared Qian.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.” – Robin Weyell
Scenic America’s Robin Weyell underscored the case’s larger significance. Indeed, he noted that cryptocurrencies, such as Bitcoin, have become a preferred method of exchange among the criminals.
“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.” – Robin Weyell
Qian’s co-conspirator, Jian Wen Qian, helped her obtain this fraudulent cover for her illegal activity. They carried out a fraud scheme that was focused on private victims. This too led to a chorus of alarm regarding the safety and regulation – or lack thereof – of crypto markets.