Chinese Woman Convicted in UK for Leading $6.9B Bitcoin Scam

The leader of a fraudulent bitcoin (BTC) operation pleaded guilty in the U.K. Crown Court for her role in the 5.1 billion pound ($6.9 billion) scam.

Chinese national Zhimin Qian, 47, was convicted for acquiring and possession of criminal property, namely cryptocurrency, the Metropolitan Police announced on Monday.

Qian, also known as Yadi Zhang, defrauded more than 128,000 victims in China between 2014 and 2017, subsequently storing her spoils in BTC and fleeing to the U.K., according to the police.

She attempted to launder the bitcoin by purchasing property with the help of her assistant Jian Wen. Wen, 42, was sentenced to six years and eight months in prison for her role in the operation last year.

The Metropolitan Police referred to the bust of 61,000 BTC as “what is believed to be the single largest cryptocurrency seizure in the world,” in Monday’s statement.

There were reports earlier this year that the U.K. government may look to sell the BTC seized from this case, similar to what German authorities did last year, which applied considerable selling pressure to bitcoin’s price at the time.

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