Chinese Woman Who Orchestrated $7,400,000,000 Bitcoin (BTC) Fraud Pleads Guilty at London Court
A Chinese woman pleaded guilty to two offenses in a United Kingdom court after participating in a massive $7.4 billion ( BTC ) fraud.
The United Kingdom Metropolitan Police say Zhimin Qian, 47, defrauded more than 128,000 victims in China between 2014 and 2017, and she stored the illegally obtained funds in BTC.
Qian then fled China using false documents and entered the UK. Met Police say she attempted to launder the proceeds through property purchases with the assistance of Jian Wen, a UK citizen. Wen was jailed last year and sentenced to six years and eight months in prison.
The Met Police seized 61,000 BTC from Qian in 2018, which the law enforcement agency bills as the biggest crypto seizure ever.
Qian and a Derbyshire-based associate, Hok Seng Ling, 46, were arrested in April 2024. Ling also pleaded guilty to one offense in court this week.
Detective Sergeant Isabella Grotto, who led the Met’s investigation into Qian, says UK police worked in tandem with Chinese law enforcement to apprehend the fraudsters.
“This outcome marks the result of years of painstaking work. When our team located Zhimin Qian, she had been evading justice for five years, and her arrest triggered a complex investigation requiring evidence from multiple jurisdictions and the careful review of thousands of documents.”
Sentencing for both Qian and Ling is scheduled for November.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP News Today: XRP's Upward Surge Continues Despite Challenges as ETFs and Derivatives Indicate Robust Growth
- XRP's price rebound above $2.20 and ETF listings (XRPZ, GXRP) signal strong institutional adoption and bullish momentum. - Technical analysis highlights descending triangle patterns and Fibonacci targets ($2.26-$3.23) as key resistance levels for potential breakouts. - Derivatives data shows aggressive long positioning (Binance ratio 2.6) and 57% options open interest growth, indicating sustained market optimism. - Regulatory risks and altcoin volatility persist, but ETF-driven liquidity and institutiona
Bitcoin’s Abrupt Price Swings in Late 2025: Major Economic Drivers and the Strength of Institutional Players
- Bitcoin's late 2025 volatility stemmed from Fed rate-cut expectations and Trump-era tariff uncertainty, triggering a $16B liquidation event. - Institutional investors maintained BTC holdings, leveraging ETFs and regulatory clarity to navigate market turbulence. - Regulatory tailwinds, including ETF approvals and tokenized structures, bolstered strategic positioning in crypto-related equities and hedging tools. - Corporate entities increased BTC allocations by 8.4% amid reaccumulation phases, contrasting
Navigating the Unpredictable World of Bitcoin Leverage: A Cramer-Inspired Handbook for Managing Risk in 2025
- 2025's October crypto liquidation cascade wiped $19B in 24 hours, exposing systemic fragility in leveraged markets. - DeFi ($41B) and centralized ($24.4B) lending surged, with 66.9% onchain exposure collapsing when U.S.-China tariffs triggered panic. - Risk management strategies include DCA diversification, 15-25% stop-loss orders, and avoiding overleveraging to mitigate algorithmic trading risks. - Institutional hedging via put options and ETFs carries counterproductive risks, while emotional discipline
Bitcoin News Today: Bitcoin's Major Holders Selling Challenges ETF Support at $90k
- Bitcoin whale inflows hit 9,000 BTC on Nov 21, 2025, with 45% of deposits from large holders, signaling intensified selling pressure amid a seven-month price drop to $80,600. - Exchange inflows surged to $40B weekly, with Binance’s stablecoin reserves reaching $51B, reflecting capital shifts toward dollar-pegged assets amid market uncertainty. - ETF inflows (e.g., BlackRock’s IBIT) provided limited counterbalance, totaling $21M on Nov 27, contrasting with earlier $903M outflows and whale-driven altcoin d
Trending news
MoreCrypto prices
More
