Bitcoin Updates: UK Authorities Seize $6 Billion in Cryptocurrency in Unprecedented Fraud Bust
- UK sentences Chinese national Qian Zhimin to 11 years and 8 months for orchestrating a $6B crypto money laundering scheme involving 61,000 bitcoin . - Fraud targeted 128,000 victims via a Ponzi-like scheme promising fake crypto mining returns, with funds siphoned to Qian and converted to bitcoin before 2017. - Accomplice Senghok Ling received 4 years and 11 months; case marks UK's largest crypto confiscation and highlights cross-border digital asset tracing challenges. - Over 1,300 investors seek compens
Qian Zhimin, a Chinese citizen found guilty of masterminding a large-scale cryptocurrency money laundering operation, has been handed a prison sentence of 11 years and eight months by the UK. Authorities confiscated 61,000 bitcoin—worth more than $6 billion—in what is now the UK's biggest ever seizure of cryptocurrency and the highest-value money laundering case prosecuted in the nation's history, as reported by a
Prosecutors described Qian’s operation as similar to a Ponzi scheme, luring investors with promises of high returns from supposed cryptocurrency mining and technology ventures. Investigators discovered that the money was funneled to Qian, who then converted it into
The Economic and Cybercrime Command of the Metropolitan Police emphasized the extraordinary magnitude of the case, noting that Qian’s extravagant lifestyle—including renting a London mansion for £17,000 a month and purchasing luxury goods—was financed by the illicit proceeds, according to a
Judge Sally-Ann Hales denounced Qian’s conduct as motivated by “sheer greed,” stressing the “unprecedented” harm inflicted on victims, many of whom lost their life savings or suffered severe financial distress, according to Marketscreener and the BBC. More than 1,300 investors have since sought restitution, but the process is complicated by the need to track original investments through various intermediaries, as noted by the BBC and Channel News Asia. The UK Treasury could claim any unclaimed funds, further complicating matters for victims, according to the BBC.
Qian’s sentencing concludes a seven-year global investigation involving both UK and Chinese law enforcement. The case highlights increasing regulatory attention on cryptocurrency-related crimes and the difficulties of following digital assets across international borders, as reported by Al Jazeera and Channel News Asia. With the value of the confiscated bitcoin having risen since its seizure, the UK’s Crown Prosecution Service will oversee the civil process to allocate the assets, which is expected to commence in early 2026, according to the BBC and Al Jazeera.
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