'Cryptoqueen' facing sentencing over $6.5B Bitcoin stash

Key Takeaways

• Zhimin Qian, dubbed 'Cryptoqueen,' faces sentencing in the UK for her role in laundering $6.5 billion via Bitcoin.
• The scam involved defrauding victims in China and using the illicit gains to buy luxury property in London.

A Chinese businesswoman known as the “Cryptoqueen” is facing sentencing in a UK court over her role in a Bitcoin money laundering scheme that involved defrauding victims in China and purchasing luxury London property.

Authorities seized 61,000 BTC in connection with the case, with the reported value hitting $6.5 billion at current market rates.

Zhimin Qian, who earned the nickname “Goddess of Wealth” for her lavish lifestyle, was convicted in connection with one of the largest cryptocurrency seizures in UK history. The case centers on proceeds laundered through high-end London real estate after victims were defrauded in China.

UK police conducted the major cryptocurrency seizure as part of their investigation into the international money laundering operation. Qian now faces a lengthy prison sentence following her conviction in the multibillion-dollar scam.

The sentencing marks a significant milestone in UK authorities’ efforts to crack down on crypto-related financial crimes involving international fraud schemes.