Chinas cryptoqueen jailed in UK over $6.6 billion Bitcoin scam

In a significant legal ruling, a Chinese national has been sentenced to over 11 years in prison by a UK court for orchestrating a massive Ponzi scheme that defrauded more than 128,000 investors in China. Zhimin Qian, 47, was found with an astonishing £5 billion worth of Bitcoin, marking the largest cryptocurrency seizure in the UK to date. Qian, often referred to as the 'cryptoqueen' by the media, was arrested in April 2024 after years of evading authorities while leading a luxurious lifestyle across Europe. Prosecutors detailed how she lived in high-end hotels and indulged in expensive jewelry and watches, all while running a pyramid scheme that lured individuals into investing their life savings and pensions. From 2014 to 2017, Qian's fraudulent business attracted a vast number of victims, with authorities revealing that she stored her illegally gained wealth in Bitcoin. When she caught the attention of Chinese law enforcement, she fled to the UK using a false identity. Once in London, she rented an extravagant property for over £17,000 a month. Investigators uncovered notes revealing Qian's ambitions, one of which included her desire to become the monarch of Liberland, a self-declared nation situated between Croatia and Serbia. After pleading guilty to charges of money laundering and possessing criminal property, she received a sentence of 11 years and eight months at Southwark Crown Court. Accompanying her in court was Seng Hok Ling, 47, a Malaysian national accused of facilitating the laundering and transfer of the cryptocurrency. Ling was sentenced to four years and 11 months for his role in the scheme after pleading guilty to transferring criminal property.