Chinese Bitcoin scammer sentenced to 11 years and 8 months! UK seizes $6.4 billion worth of BTC

Described as a “super villain,” Chinese woman Qian Zhimin orchestrated a billion-dollar Bitcoin investment scam and was sentenced to 11 years and 8 months in prison by a London judge. Between 2014 and 2017, Qian Zhimin defrauded approximately 128,000 investors in China before fleeing to the UK. In 2018, UK police seized 61,000 BTC during a money laundering investigation, worth $6.4 billion at current prices, making it the largest cryptocurrency seizure in UK history.

From Chinese Fugitive to Queen of British Mansions

(Source: Bloomberg)

According to Bloomberg, Qian Zhimin was the mastermind behind an unlicensed Chinese investment company that raised 40 billion yuan (about $5.6 billion) from around 128,000 investors across China from 2014 to 2017. This staggering scam made it one of the largest Ponzi schemes in recent Chinese history. Prosecutors stated that in 2017, when Chinese authorities raided an event held by the company, Qian Zhimin escaped on a motorcycle to the Myanmar border, successfully avoiding arrest.

She traveled using a fake St. Kitts and Nevis passport across Southeast Asia and Europe, ultimately settling in the UK under the alias Zhang Yadi. The judge noted that Qian Zhimin “lived extravagantly, traveled extensively,” and deliberately avoided countries with extradition treaties with China. This carefully planned escape route demonstrated her deep understanding of international legal systems and extradition agreements, or at least the assistance of professional legal advisors.

In the UK, the 47-year-old lived a luxurious lifestyle, renting expensive mansions, and plotted to become the self-proclaimed monarch of a “Liberalland” nation. She hired fast-food worker Jian Wen, who was sentenced to over six years in prison last year for helping her launder money. Prosecutors said Qian Zhimin used Jian Wen and her assistant Sheng Ling to rent mansions in Dubai, buy jewelry and real estate, and splurge tens of thousands of pounds on luxury shopping.

Police found multiple electronic devices and wallets scattered throughout her mansion in York, containing over 60 million pounds ($79 million) in crypto assets, about 48,000 pounds in cash, and jewelry. This act of converting massive Bitcoin wealth into luxury goods and properties is typical of money laundering activities.

The Largest Bitcoin Seizure in UK History

In 2018, UK police seized 61,000 BTC during a money laundering investigation, the largest crypto confiscation in UK law enforcement to date, valued at $6.4 billion. After the verdict, the London Metropolitan Police issued a statement saying this case involved the “largest confirmed single seizure of cryptocurrency in the world at the time,” and was the most complex financial crime investigation they had conducted.

The breakthrough came after a London law firm reported to police that someone was attempting to buy property in London with suspicious Bitcoin. Police then seized suspect Wenshang Gui, who was arrested. However, prosecutors said Qian Zhimin remained at large, residing in mansions in Scotland and York.

Key Timeline of the Case

2014-2017: Qian Zhimin operated an unlicensed investment company in China, defrauding 128,000 investors

2017: Chinese authorities raided the operation; Qian Zhimin fled on a motorcycle to Myanmar

2018: UK police seized 61,000 BTC and arrested Wenshang Gui

February 2024: Police monitored crypto wallets and arrested Qian Zhimin at her York mansion

2025: Qian Zhimin was sentenced to 11 years and 8 months

In February 2024, Wenshang Gui was still on trial when police monitored a cryptocurrency wallet, which received 8.2 BTC, leading to Qian Zhimin’s arrest at her York mansion. This method of tracking criminal funds through blockchain transaction monitoring showcases the advanced capabilities of modern law enforcement in combating crypto crimes.

“Organized crime groups are using cryptocurrencies to transfer, hide, and invest profits from serious crimes — but every crypto transaction leaves traces,” said Will Ryan, head of the London Police’s Economic and Cyber Crime Unit. The statement emphasized that Bitcoin’s pseudonymous nature, rather than complete anonymity, allows skilled investigators to trace the flow of funds on the public blockchain.

Liberalland Dream and Pure Greed

Prosecutors accused Qian Zhimin of wanting to buy a large house and pay expenses by selling 200,000 pounds worth of Bitcoin monthly, aiming to become the “monarch of Liberalland.” Liberalland is a no-man’s land located on the west bank of the Danube, between Croatia and Serbia. Established in 2015 as a self-proclaimed “micro-nation,” it has not received recognition from any country.

Her ambition for Liberalland revealed her ultimate plan: to become a “monarch” of an unrecognized state, possibly seeking diplomatic immunity or legal protection. Although such plans are legally untenable, they demonstrate her willingness to take extreme measures to evade justice.

“Qian Zhimin, you are the mastermind behind this criminal activity, orchestrating everything from start to finish. Your money laundering scale is unprecedented,” said Judge Sally-Anne Hiels during sentencing. “Your motives are purely greed. You lied, schemed, and always aimed for personal gain. You recruited and bribed others, helping them, and successfully evaded justice for over seven years.”

Qian Zhimin was sentenced Tuesday at Southwark Crown Court after admitting to possession and handling of criminal property in August. Her 47-year-old assistant Sheng Ling was also sentenced to 4 years and 11 months for involvement in handling criminal proceeds. Sheng’s lawyer stated in court that Sheng was not involved in the Chinese scam and was unaware of Qian Zhimin’s criminal activities.

After sentencing, her lawyer Roger Sahota said, “She accepts her guilt and the mistakes that led to it. She never intended to commit fraud, but she admits her investment scheme was fraudulent and misled those who trusted her.” The defense attempted to portray the scam as a failed investment rather than deliberate deception, but the court’s verdict rejected this argument.

Prosecutors said that after her arrest, Qian Zhimin refused to answer most questions but claimed, “She felt she was about to die, and this was her last chance.” This dramatic statement may have been an attempt to garner sympathy but did not alter the serious charges she faces.

Bitcoin to Be Returned to Victims

The UK authorities now plan to return the seized Bitcoin to the defrauded investors — though the details of this plan have not yet been disclosed. This will involve complex legal and technical challenges, including verifying the identities and losses of 128,000 investors and deciding how to fairly distribute the significantly appreciated Bitcoin.

The 61,000 BTC seized in 2018 was worth far less than the current $6.4 billion. This massive appreciation raises legal questions: should victims receive the original fiat amount invested or a proportional share of the appreciated Bitcoin? Clarification on this issue will be necessary in the restitution plan.

This case sets an important precedent for cryptocurrency crime and law enforcement. It demonstrates that although Bitcoin is often viewed by criminals as a tool for money laundering, the transparency of blockchain ultimately enables authorities to trace and seize illicit funds. As law enforcement agencies worldwide increase their blockchain analysis capabilities, the difficulty of conducting large-scale money laundering with cryptocurrencies continues to rise.