China’s ‘goddess of wealth’ convicted in world’s largest bitcoin bust worth $6.7B
A United Kingdom court has convicted a Chinese woman known as the “goddess of wealth” in connection with the world’s largest cryptocurrency seizure, worth $6.7 billion.
Zhimin Qian, also known as Yadi Zhang, was found guilty on Monday after a seven-year investigation that spanned several countries.
Metropolitan Police seized more than 61,000 bitcoin from her, concluding a probe that began when she fled China for Britain on falsified documents.
Prosecutors said Qian masterminded a vast investment scam between 2014 and 2017 that defrauded more than 128,000 people in China. She converted much of the money into bitcoin and sought to launder the funds through luxury property purchases in the UK.
Qian first made a blip on authorities’ radar in 2018 following a tip about suspicious cryptocurrency transfers. She was arrested after five years on the run.
"Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct," said Deputy Chief Crown Prosecutor Robin Weyell.
"This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters."
Her accomplice, Jian Wen, was sentenced earlier this year to six years and eight months for money laundering.
Wen moved from a flat above a restaurant to a multimillion-pound rented home in north London during the scheme. Police also seized bitcoin worth $400 million from her.
Qian’s conviction comes amid growing concern over large-scale scams across Asia.
The United Nations has warned that countries such as Thailand are emerging as hubs for transnational fraud, with some groups using artificial intelligence to target victims.
This story is written and edited by the Global South World team, you can contact us here.
