In London, 47-year-old Zhimin Qian, also known as Yadi Zhang, pleaded guilty in a case involving the laundering of bitcoins amounting to £5 billion (equivalent to $6.7 billion). She became a key figure in one of the largest cryptocurrency frauds in the world, related to money laundering through cryptocurrency.
This is reported by Business • Media
Details of the Case and Trial
Qian admitted her guilt in two instances during a hearing at the Southwark Crown Court — for possessing cryptocurrency obtained through criminal means and for transferring it. Sentencing is scheduled for a later date.
The case was initiated back in 2018 when British police seized devices with access to 61,000 bitcoins during a raid at a mansion in Hampstead — one of the largest amounts of digital currency ever confiscated in the world. It was only in 2021 that law enforcement confirmed that the devices indeed contained bitcoins, while Qian’s whereabouts remained unknown. The woman was arrested in April 2024 in York.
According to lawyer Roger Sahota, Qian was forced to leave China in 2017 due to government repression against successful entrepreneurs in the cryptocurrency sector. She feared unjust arrest, mistreatment, and illegal asset confiscation.
“By doing this today, Ms. Zhang hopes to bring some comfort to investors who have been waiting for compensation since 2017, as well as assure them that the significant increase in cryptocurrency value means there are more than enough funds to cover their losses.”
Fraud Scheme and Consequences
The investigation revealed that Zhimin Qian led a company called Tianjin Lantian Gerui Electronic Technology, founded in 2014. The company offered investment products with promised returns of up to 300% and claimed to have an additional business in bitcoin mining. In reality, investors’ funds were transferred to cryptocurrency exchanges, converted into bitcoins, and Qian herself fled China in July 2017, using various identities to avoid arrest.
During the investigation, it was also discovered that in 2018, police were examining a suspicious real estate operation involving Qian’s assistant — Jian Wen. In 2024, he was convicted of money laundering.
Currently, the final fate of the 61,000 BTC remains uncertain. As emphasized by Deputy Chief Prosecutor of the Crown Prosecution Service Robin Wyeell,
“The CPS will now work to ensure that these assets remain out of reach of the fraudsters through criminal confiscation and civil proceedings.”
Earlier in May 2025, a Vietnamese citizen, Ngo Thi Theu, known as Madam Ngo, was arrested in Bangkok for cryptocurrency fraud amounting to nearly $300 million.