UK court delivers major verdict: 'crypto queen' from China defrauded 128,000 people
Photo: imprisonment in the UK (Getty Images)
A 47-year-old Chinese national, Zhimin Qian, has been convicted in the United Kingdom for her role in one of the largest crypto frauds in the world, according to the Associated Press.
At Southwark Crown Court, Zhimin Qian was found guilty of money laundering and possessing criminal property. She was sentenced to 11 years and 8 months in prison.
An investigation by British police revealed that Qian had operated a global Ponzi scheme, through which more than 128,000 people in China lost their investments, including personal savings and pension funds.
The illicit proceeds were stored in cryptocurrency. During searches, authorities seized devices containing 61,000 Bitcoins, valued at over $6.6 billion at the time, marking the largest crypto seizure in UK history.
After Chinese authorities launched an investigation, Qian fled to Britain under a false identity.
In London, she lived a lavish lifestyle, renting a luxury home for £17,000 a month, buying expensive jewelry, and attempting to purchase multimillion-pound properties to launder her digital assets.
Prosecutors described her as "the architect of the crime", meticulously planning and executing the scheme "out of pure greed."
In personal notes found by investigators, Qian wrote about her dream to "become the monarch of Liberland" - a self-proclaimed micronation between Serbia and Croatia - and to "meet the British royal family."
Her accomplice, 47-year-old Malaysian Seng Hock Ling, was also convicted for helping transfer and launder the crypto assets. He received a sentence of 4 years and 11 months.
Judge Sally-Anne Hales stated during sentencing that Qian "destroyed the lives of thousands without a shred of remorse" and "used cryptocurrency technology for mass deception and personal enrichment."
US President Donald Trump recently expressed his intention to make the United States a "Bitcoin superpower" and the global crypto capital.
His policies have already given a strong boost to the crypto industry:
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He has actively engaged with the crypto community;
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Launched his own meme coin;
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Announced the creation of a strategic Bitcoin reserve and authorized cryptocurrency inclusion in retirement plans, driving Bitcoin’s price to a record $124,000.
