Zhimin Qian, a 47-year-old Chinese national, has been convicted in London for orchestrating what is considered the world’s largest cryptocurrency scam, resulting in the seizure of over £5.5 billion (approximately $6.7 billion) in Bitcoin, police confirmed on September 29, 2025. The verdict comes after a groundbreaking seven-year investigation by the Metropolitan Police’s Economic Crime team, marking an unprecedented milestone in the fight against global cybercrime and money laundering.

Between 2014 and 2017, Qian led an extensive fraudulent investment scheme in China through her company Tianjin Lantian Gerui Electronic Technology. She promised investors astronomical returns of up to 300% on fictitious products, duping more than 128,000 people. Rather than investing their money, she converted the stolen funds into Bitcoin, making it difficult to trace. To flee scrutiny, Qian assumed the alias Yadi Zhang, acquired a forged St. Kitts and Nevis passport, and entered the UK in September 2017.

Authorities finally apprehended her in April 2024 near a lavish six-bedroom rental mansion in Hampstead, north London, which she shared with an accomplice. In a U.K. police raid in October 2018, investigators uncovered digital wallets holding 61,000 Bitcoin—valued at £1.4 billion at the time, but now worth more than £5 billion due to cryptocurrency market appreciation.

Detective Sergeant Isabella Grotto, overseeing the investigation, described the case as the “largest cryptocurrency seizure in history,” emphasizing the complexity of tracing digital assets laundered through multiple jurisdictions. The fraud’s international scale made the probe uniquely challenging, involving coordination with Chinese law enforcement.

Qian pleaded guilty in Southwark Crown Court to charges of possessing and transferring criminal property under the Proceeds of Crime Act. The judge remanded her in custody pending sentencing. Her legal team claimed she denies the original fraud allegations in China but acknowledged the plea to advance restitution.

The fallout is significant. Victims—many of whom invested life savings—face prolonged uncertainty but may receive compensation due to the unprecedented asset recovery. Roger Sahota, Qian’s solicitor, said, “The significant rise in Bitcoin’s value means there are sufficient funds to repay investors.”

Experts like cybersecurity analyst Mark Reynolds note the case’s broader implications. “This case sends a powerful message that cybercriminals exploiting emerging technologies like cryptocurrency face serious consequences, regardless of borders,” Reynolds said.

As governments and financial watchdogs grapple with regulating cryptocurrencies, cases like Qian’s highlight the urgent need for international cooperation to curb digital financial crime while protecting vulnerable investors.

In summary, Zhimin Qian’s conviction represents a landmark victory in dismantling a colossal fraudulent Bitcoin scheme with far-reaching legal and financial ramifications. The next stages will focus on repayments to victims and leveraging intelligence from this investigation to preempt future crypto-based scams.