Chinese national Qian Zhimin, dubbed the “Bitcoin Queen,” has been sentenced to 11 years and 8 months in prison by a UK court for orchestrating a massive international Ponzi scheme and laundering billions through cryptocurrency. The case is regarded as one of the largest money-laundering and crypto seizure operations in British history.
Prosecutors said that between 2014 and 2017, Qian masterminded an investment fraud in China involving around 128,000 investors and a total of 40 billion yuan (≈£4.3 billion), embezzling over 6 billion yuan. After the scheme collapsed, she fled China in 2017, traveling through several Southeast Asian countries before entering the UK under a false passport and assuming the alias “Zhang Yadi.”
Once in London, Qian allegedly laundered her illicit gains through Bitcoin, converting stolen funds into cryptocurrency before purchasing luxury goods, jewelry, and properties. A 2018 police raid uncovered over 61,000 bitcoins, then valued at about £300 million, which have since risen in value to nearly £5 billion. Authorities also seized gold, cash, and crypto hardware devices.
Judge Sally-Ann Hales described Qian as “the architect and driving force of the entire criminal enterprise,” adding that her actions were “motivated purely by greed.”
Qian initially claimed political persecution by the Chinese government but later pleaded guilty in September to charges of possessing and transferring criminal proceeds. The UK Crown Prosecution Service has launched civil proceedings to use the seized bitcoins for victim compensation, though the final valuation and distribution will depend on future court rulings due to cryptocurrency price volatility.